State Grid Corp of China bid wins control of CEEE of Brazil

27 July 2021

A bid of US$510 million by State Grid Corp. of China has bagged the two-thirds of power distributor Companhia Estadual de Energia Elétrica (CEEE) being sold by the southern Brazilian state of Rio Grande do Sul, Caixin reports.

The Chinese magazine quotes State Grid as saying CEEE should thrive because the Chinese state-owned company will make the most of its assets and experience of running the second-largest private generator and distributor of electricity in Brazil, CPFL Energia SA.

The report says State Grid now owns 83.7 percent of CPFL, having taken the majority stake in 2017.

The extensive experience and strong finances built up by CPFL helped State Grid make the winning bid for the stake in CEEE, Caixin quotes CPFL President Gustavo Estrella as saying.

(Source) Permanent Secretariat to the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macao):