Mitsui acquires stake in Brazilian hydro project for $2.8bn

The Japanese conglomerate, Mitsui and Co, has acquired a 20 per cent stake in the 50-turbine Jirau hydropower plant in Brazil from GDF Suez (Euronext: GSZ).

GDF continues to hold a 40 per cent stake in the 3750 MW project, while Eletrobrás (NYSE: EBR) owns 20 per cent stake each through its subsidiaries Chesf and Eletrosul.

"It is part of GDF SUEZ strategy to partner with strong industrial companies to facilitate the completion of major developments," said GDF SUEZ chairman and CEO Gérard Mestrallet.

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