BRAZIL - The transmission business of the Brazilian utility Engie Brasil Energia, Engie Transmissao, has acquired a 100% stake in Novo Estado Energia, a company that holds a concession to build and operate around 1,118 miles of power lines in Brazilian states Para and Tocantins.

The purchase price will reach $100.4 million, subject to customary conditions, including the securing of the Brazilian Electricity Regulatory Agency ANEEL's approval.

Novo Estado won a contract in ANEEL's transmission auction in 2017, and signed a concession agreement with the Brazilian government agency.

Construction of the projects is expected to commence in 2020.

Source: Renewables Now