Odebrecht Latinvest, a subsidiary of the Odebrecht Group, has sold the 456-megawatt Chaglla Hydroelectric Power Plant to the consortium Huallaga Holding Co., which is led by China Three Gorges. The deal is valued at an estimated $1.39 billion, according to Reuters.
The consortium led by China Three Gorges includes Hubei Energy Co., Ace Investment Fund II and CNIC Corp.
China Three Gorges has been acquiring projects overseas. It acquired Duke Energy Corp.’s Brazilian plants for approximately $1.2 billion in 2016. And China Three Gorges acquired a 49 percent of a portfolio of wind assets from EDP Renovaveis SA in 2016.
Over the past two years, a corruption controversy has surrounded Odebrecht. It began in 2015, and since then, more than 70 top company executives have confessed to bribing government officials in exchange for lucrative construction projects.