State Grid OK'd to acquire Brazilian power assets

The National Development and Reform Commission said on Monday that it has approved the acquisition deal of seven Brazilian high-voltage power transmission assets by State Grid Corp of China, hexun.com reported.

This is the Chinese power company's second investment in Brazil, and its fourth large-scale investment overseas.

State Grid - China's largest electricity distributor and power grid operator - announced the deal in May.

The company agreed to spend 1.86 billion Brazilian Real ($910 million) to buy the assets from Spanish construction company Actividades de Construccion y Servicios SA and its units.

The deal was approved by the NDRC in September, the statement said.

huangying@chinadaily.com.cn