The State Grid Corporation of China (SGCC), a state-owned utility company, has acquired seven Brazilian power transmission companies for US$989 million, Xinhua reported Tuesday.

It is the biggest overseas investment by SGCC since it took over the Philippines National Transmission Corporation (TransCo) in January 2009.

As part of the deal, SGCC obtained 30 years of concession contracts. The contracts are renewable for another 20 years, subject to approval by the Brazil Electricity Regulatory Agency.

The assets acquired by SGCC are located in the southeast region of Brazil and provide electricity to Brasilia, Rio de Janeiro and Sao Paulo.

SGCC plans to turn this project into a platform for its international operations in Latin America.

This project is expected to bring SGCC an average annual profit of over US$110 million.

China's business press carried the story above on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.