The State Grid Corp. of China (SGCC), China's largest power transmitter and distributor, won a bid for the Belo Monte Hydropower UHV (ultra-high-voltage) Transmission Project Phase II in Brazil on July 17 local time, The Beijing News reported on July 20.
According to SGCC, it is the first time it won an overseas bid to be a general contractor in a UHV transmission project. Defeating two strong rival bidders from Brazil and Spain respectively, SGCC has got a concession period of 30 years.
The second phase of the UHV transmission project for Belo Monte, Brazil's second largest hydropower station, is expected be put into operation in 2020. Investment in the project totals $2.2 billion with a return rate of more than 14 percent.
It's estimated that the hydropower project will boost the exports of Chinese power equipment valued at 5 billion yuan ($805 million), promoting more Chinese power equipment companies to set up plants in Brazil, bringing along the development of upstream and downstream industries there and creating as much as 16,000 jobs for Brazilians.
Currently, SGCC invests and operates power grids in the Philippines, Brazil, Portugal, Australia, Italy and Hong Kong.
In February 2014, a consortium formed by SGCC and a Brazilian utility company, won a bid for Phase I of the project, which is now under construction.