A subsidiary of Shanghai Electric Power Co. Ltd has signed a non-binding agreement to buy the majority share in the power transmission infrastructure of the Brazilian government-owned utility Eletrosul Centrais Elétricas SA.
The Reuters news agency reported the agreement between Shanghai Electric Power Transmission and Distribution Engineering Co. and Eletrosul had been discussed since the start of this year.
The deal covers the Lote A projects, which include new substations and power lines in the southern state of Rio Grande do Sul worth about 3.27 billion reais (US$992 million).