The acquisition of three energy businesses in Brazil by Chinese state-owned power firm China Three Gorges Corp will be completed by year-end.

Li Yinsheng, General Manager of China Three Gorges Brazil Energia Ltda, a local subsidiary of the power firm, confirmed the schedule to China’s state-run newspaper China Daily. He added that the firm had outbid several competitors for the deal.

Brazilian firm Triunfo Participações e Investimentos SA announced on August 24 it would sell its controlling stakes in Rio Verde Energia, Rio Canoas Energia and Triunfo Negócios de Energia, to China Three Gorges Brazil for up to 1.9 billion reais (US$538 million).

The deal, still subject to regulatory approvals, will give China Three Gorges control over two hydroelectric dams in Brazil’s central and southern regions, as well as a local energy trading company.

China Three Gorges already has stakes in three hydropower plants and 11 wind farms in eight states of Brazil, China Daily reported.