China's third-largest company and the world's biggest electric utility, state-owned State Grid Corporation of China, plans to invest $10 billion in Brazil through 2015, Brazilian media reported Saturday.
The president of State Grid's Brazilian subsidiary, Cai Hongxian, announced that "aggressive target" in an interview with Brazilian state news agency Agencia Estado, saying the company was focused on the return in believes it will receive on its investment in various projects.
In Brazil since 2010, State Grid intends to participate in auctions for the Sao Manoel and Itaocara hydoelectric projects, as well as bid for a contract to transmit electricity from the massive Belo Monte hydro station, which is being built in the Amazon state of Para, local media said.
"Projects like that are the reason we're here," Cai said in reference to Belo Monte, which will be the world's third-largest hydroelectric plant after China's Three Gorges and Itaipu, jointly operated by Brazil and Paraguay.
Belo Monte will flood 506 sq. kilometers (195 sq. miles) of rainforest and displace between 16,000 and 25,000 people.
In 2010, State Grid acquired seven Brazilian electricity transmission companies - subsidiaries of a consortium made up of Spain's Grupo Cobra, Elecnor S.A. and Grupo Isolux - for $989 million.
State Grid accounts for 88 percent of electrical transmission in China. EFE