After investing in highways, the Silk Road Fund (SRF), a Chinese government-controlled investment fund promoting the development of the Belt and Road Initiative, will invest in electricity with the purchase of a stake in Aliança Energia.

NeoFeed has learned that the fund, through a subsidiary called Cang Yuan Investment Co., has agreed to indirectly acquire a minority stake in Aliança. The transaction, whose financial terms are not public, is under review by the Administrative Council for Economic Defense (Cade).

Aliança Energia came under the control of Global Infrastructure Partners (GIP) in September of last year, following the purchase of 70% of the company's share capital, which belonged to Vale , in a transaction valued at US$1 billion.

The transaction resulted in the creation of a joint venture between the parties, in which Vale retained a 30% stake. Controlled by BlackRock since 2024, GIP has US$170 billion in assets under management worldwide.

This investment represents another recent bet by the SRF on infrastructure in the country. Created in 2014 by the Chinese government to invest in infrastructure projects around the world, the fund has a total capital of US$40 billion (180 billion yuan).

In addition to this investment in energy, in April SRF invested in highways by acquiring a minority stake in Eixo SP, a concessionaire controlled by Pátria Infraestrutura IV, a fund of Pátria that owns 70% of the company — the remainder is held by GIC, Singapore's sovereign wealth fund. The transaction was reported at the time by O Globo .

The company is responsible for the largest highway concession in the country, with more than 1,200 kilometers of network formed by 12 highways in São Paulo state that pass through 62 municipalities, from Rio Claro, in the central region of the state of São Paulo, to Panorama, in the far west, on the border with Mato Grosso do Sul.

From Aliança's perspective, the arrival of SRF is seen as an opportunity to accelerate growth and expand its operational capacity. When GIP closed the deal with Vale, Aliança had 2,189 megawatts (MW) of installed capacity.

At the beginning of the year, Aliança finalized the purchase of Humaitá, an electricity trading company that also operates in energy generation through wind farms located in the state of Bahia. Currently, Aliança owns seven hydroelectric plants, three wind farms, and one solar park.

Contacted by NeoFeed , SRF, Aliança, and GIP did not respond to requests for comment before the publication of this report.