Chinese state-owned power firm China Three Gorges agreed on Wednesday to pay the Brazilian Government 13.8 billion reais (US$3.7 billion) for the right to run two hydropower plants in the South American nation.

They are the largest among 29 hydropower stations the Brazilian electricity regulator Aneel has offered via an auction in an effort to raise US$4.51 billion in revenues, news agency Reuters reported.

China Three Gorges will take control of the Jupiá and Ilha Solteira dams, with a combined capacity totalling 5,000 megawatts, in a 30-year operating contract.

João Meirelles, chief financial officer of local subsidiary China Three Gorges Brasil Energia Ltda, told Reuters: “It is basically the same DNA the company has in China, of operating very large hydropower plants.”

According to U.S.-based newspaper the New York Times, China Three Gorges invested US$505 million in August to buy several small power plants in Brazil. The state-owned firm was been present in Brazil since 2011 after purchasing a 2.69-billion-euro (US$2.9-billion) stake in Portuguese power firm EDP, the newspaper added.