China State Grid buys Brazil power assets for $1b

China's biggest electricity provider, State Grid, says it has invested $989 million to acquire seven Brazilian power companies and their transmission facilities.

A notice by State Grid on the website of the government agency that manages state assets says the investment includes a 30-year concession to operate the Brazilian power grids that can be renewed in 20-year contracts once it expires.

The deal marks a further expansion of State Grid into overseas markets following a similar investment in the Philippines.