State Power Investment Corporation of China has agreed to acquire Australia-based Pacific Hydro, the renewable energy company with assets in Australia, Chile and Brazil, from IFM Investors.

According to sources, the unit is being sold for more than A$3 billion ($2.2 billion), including debt.

Australian infrastructure investor, IFM Investors, which invests money for Australian pension funds, started this year a process to sell Pacific Hydro, which owns 19 assets (hydropower and wind) in Australia, Chile and Brazil, with capacity of 900 megawatts. Pacific Hydro expects to have a 2015 EBITDA of around A$175 million. IFM owned the company through its IFM Australian Infrastructure Fund.

State Power has $113 billion in assets across sectors including power generation, coal and finance, according to the statement.

State Power "is committed to maintaining the stability of Pacific Hydro's current business and management team, as well as supporting expansion through the pipeline of development projects," the company said.

The deal is expected to be completed in the first quarter of 2016.

State Power was advised by Santander Global Corporate Banking and King & Wood Mallesons while IFM Investors was advised by Credit Suisse Group AG, Bank of America Corp. and Herbert Smith Freehills LLP.

Sources said last week that Spanish gas distributor Gas Natural, U.S.-based AES Corporation, Pacific Equity Partners and Norwegian state power generator Statkraft AS were also planning to submit final bids.