The China Fund for Investment in Latin America has bought a stake in hydroelectric power plants in the state of São Paulo, recently acquired by the China Three Gorges Group, according to a statement from the Brazilian subsidiary of US-based Duke Energy.
The China Three Gorges Group paid US$946.702 million for 99.06% of the capital of Duke Energy International Geração Paranapanema, in a deal that was completed last Thursday.
Later, the subsidiary of the US group said, CTG sold a third of the business to the China Fund for Investment in Latin America at the same price per share as the initial transaction.
Duke Energy also reported that the stake sold to the Chinese fund is just an investment as the Fund will have no involvement in the company’s decisions.
The China Fund for Investment in Latin America is particularly involved, in partnership with the China Railway Engineering Group n.10, in construction and management of Porto Sul (Southern Port) and the East-West Railway (Ferrovia de Integração Oeste Leste – FIOL), in partnership with the government of the state and mining company Bahia Mineração (Bamin). (macauhub)