Chinese group SPIC Chinese seeks new business in Brazil

17 May 2018

China’s State Power Investment Corporation (SPIC) group plans to expand its business in Brazil, “a country that is one of the top regional priorities for group expansion,” Adriana Waltrick, the head of the Chinese group for Brazil, told Reuters.

The Chinese group, which controls a hydroelectric power plant in the central/western region and two wind farms in the Northeast with a production of two gigawatts, plans to expand its global electric power production capacity by 30 gigawatts, according to Waltrick.

The head of the Chinese group for Brazil said that this expansion could be done through acquisitions or the submission of proposals to obtain licenses to build more capacity.

The group has plans to build 280 megawatts in new wind farms, although this depends on the ability to present winning bids in the auctions that are regularly conducted by the Brazilian government, with the next due in August.

SPIC’s largest investment in Brazil was the acquisition of the São Simão hydroelectric plant, with 1.7 gigawatts, for US$2 billion, which it took over last week after a six-month period in which it was managed by the former owner, Companhia Eléctrica de Minas Gerais (Cemig).

The State Power Investment Corporation group is, according to Wikipedia, one of the five largest state power generation groups in the People’s Republic of China. (macauhub)

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