State Grid Corporation of China announced on Tuesday it has successfully purchased a majority stake of 54.64% in Brazil’s electricity giant CPFL Energia from its formal shareholders Camargo Correa and some pension funds in Rio de Janeiro, Brazil, making the deal as the Chinese corporation’s largest foreign investment.

The value of the deal will total approximately 14.19 billion reais (about 4.49 billion U.S. dollars), according to a CPFL Energia statement.

The acquisition will help State Grid accomplish its comprehensive coverage in power transmission, distribution, commercialization, new energy generation, etc. in Brazilian market. It will enrich the assets portfolio and improve the risk resistance capacity of State Grid in Brazil. And it will further promote the economic and trade cooperation between China and Brazil, expand China’s investment scale in Brazil, so as to achieve mutual benefits and win-win cooperation of the two countries.

Since its entering into the Brazilian market in 2010, China’s State Grid, the world’s largest electric utility company, has successfully acquired and operated 14 power transmission companies in Brazil. It has operated 10,000 kilometers of power transmission lines and supplied power to important regions such as Brasilia, Rio, and Sao Paulo. It’s subsidiary, State Grid Brazil Holding, has already become the second largest power transmission company in Brazil.

CPFL Energia is the largest non-sate-owned electric energy group, as well as the largest power distribution group in Brazil. It operates in the segments of electric energy distribution and new energy distribution.