BUSINESS China's State Grid completes takeover of Chile's Chilquinta Energia

BUSINESS

China's State Grid completes takeover of Chile's Chilquinta Energia

Xinhua

17:34, June 29, 2020

State Grid Corporation of China has recently completed acquisition of the 100 percent stake of Chile's Chilquinta Energia. It is State Grid's first successful investment in a Spanish-speaking country.

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File photo by CFP

It's learned that the project is also the largest investment project by a Chinese company in the field of energy and public utilities in Chile, and believed to have great significance to deepening the bilateral economic and trade exchanges between China and Chile, and promoting the Belt and Road Initiative.

Chilquinta Energia is the third largest power distribution company in Chile, with 16,911 kilometers of distribution lines and serving over 2 million people. The company is also engaged in transmission business, with 1,109 kilometers of transmission lines.

In October 2019, State Grid signed an equity purchase agreement with U.S. energy company Sempra Energy to purchase 100 percent of Chilquinta Energia's equity.

In the preparation stage of the transaction, despite the lockdown by the Chilean government in the situation of the spread of COVID-19, State Grid obtained special entry permit and finally realized the on-site delivery and smooth takeover of the project.

At present, China's State Grid has invested and operated backbone energy network assets in nine countries and regions.

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