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25

Chinese Utility to Pay Brazil $3.7 Billion to Run 2 Power Plants

By Tony Seruga

Construction of the Santo Antonio hydroelectric dam on the Madeira River in Porto Velho, Brazil. State-owned Chinese utilities have been investing in Brazil’s economy. CreditNacho Doce/Reuters

SÃO PAULO, Brazil — China is ramping up its investment in Brazil’s electricity sector.

A state-owned power company, China Three Gorges, agreed on Wednesday to pay Brazil’s federal government 13.8 billion reais, or $3.7 billion, for the rights to operate two massive hydroelectric power plants for the next 30 years.

China Three Gorges made the commitment during a government auction of 29 operational power plants whose concession contracts have expired…

Chinese Utility to Pay Brazil $3.7 Billion to Run 2 Power Plants

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