June 5, 2017 / 11:03 PM / a year ago

Shanghai Electric to join Eletrosul in Brazil power projects

SAO PAULO, June 5 (Reuters) - A unit of Shanghai Electric Power Co Ltd has signed a non-binding accord to take majority control of a series of power transmission projects owned by a Brazilian state-controlled utility.

The unit, known as Shanghai Electric Power Transmission and Distribution Engineering Co, will create a special purpose vehicle to oversee the projects directly with Brazil’s Eletrosul Centrais Elétricas SA, according to a Monday securities filing. The cost of the project known as Lote A is estimated at 3.27 billion reais ($992 million), the filing by Eletrosul said.

Reuters reported on Jan. 5 that Eletrosul and Shanghai Electric were negotiating a number of transmission lines in the Lote A project.

$1 = 3.2971 reais Reporting by Guillermo Parra-Bernal

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