Pacific Hydro has roughly 900MW of wind and hydropower capacity in various stages of development in Australia, Brazil and Chile.
It is believed that SPIC has agreed to pay more than AUD$3bn ($2.2bn), including debt, according to The Sydney Morning Herald.
It reportedly outbid Statkraft and New Zealand's Morrison & Co.
"The acquisition of Pacific Hydro will provide a high-quality national and international platform for the development of new energy investments," said SPIC chairman Wang Binghua.
Melbourne-based
