Canada’s Hydro-Québec has reached an agreement to sell its 92% stake in Transelec Chile for C$1.7 billion ($1.5 billion) to a consortium led by Canadian investment firm Brookfield.

Transelec Chile, severeapproximately 99% of the Chilean population through local distribution companies. Its transmission system includes 8,300 kilometres of lines and 51 substations. The remaining 8% of Transelec is owned by the International Finance Corporation, a subsidiary of the World Bank.

“We are very pleased with this major transaction, which will bring us a profit of over $750 million,”said Daniel Garant, chief financial officer of Hydro-Québec.

The transaction is due to close on 5 July.