State Grid has completed the purchase of a majority stake in Brazilian electricity giant CPFL Energia SA for 14.19 billion reais (US$4.5 billion), the Mainland Chinese company announced yesterday.

The acquisition of 54.64 percent of CPFL is State Grid’s biggest overseas investment to date. The company began operating in Brazil in 2010 and manages 10,000 km of power transmission lines, according to a company statement.

CPFL Chief Executive André Dorf told the Reuters news agency his company would now seek acquisitions in power generation and distribution. It is also involved in transmission and trading.

“By having State Grid in the controlling bloc we boost our growth possibilities,” Mr Dorf was quoted as saying. “There are a number of opportunities the company could explore ahead now that we have a shareholder with access to capital, one that understands the sector and has appetite for growth.”