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People walk to Brookfield Place off Bay Street in this file photo.

Mark Blinch/Reuters

Brookfield Infrastructure on Tuesday announced the sale of its 27.8-per-cent stake in Chile's main electricity provider to China Southern Power Grid International for $1.6-billion.

Brookfield said it has signed a definitive agreement to unload its interest in ETC Transmission Holdings, the parent company of Transelect SA.

"Over the past year we have been focused on executing the next phase of our capital recycling program, seeking to dispose of mature infrastructure assets and to redeploy the proceeds in higher-returning opportunities," said Sam Pollock, chief executive officer of Brookfield Infrastructure. "Proceeds from the sale of Transelec will be used to fund our growing backlog of organic growth projects, as well as our robust pipeline of transactions."

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Transelec is the largest pure-play power transmission company in Chile, with over 10,000 kilometres of electricity lines serving approximately 98 per cent of the Chilean population.

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