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Portugal

Portugal

Chinese boost EDP's clean energy ambition

PORTUGAL: Portuguese utility EDP will aim to be a global leader in clean energy following its partial acquisition by China Three Gorges (CTG) in December.

The Chinese generator bought a 21.35% stake in EDP from the Portuguese government for €2.69bn last month as part of the country's asset divestment drive to tackle its sovereign debt crisis.

EDP is already a major developer of wind capacity in Europe and North America via its EDP Renovaveis subsidiary, while CTG is a major producer of hydropower.

Following the signing of the deal CTG chairman Cao Guangjing said the two companies would work together to ensure EDP became a global leader in clean energy.

As part of the deal, CTG will invest €2bn until 2015 in 1.5 GW of operational and ready-to-build renewable-energy generation projects, with €800m of this money to be invested in the first 12 months following the closing of the deal.

In addition, CTG's involvement has given EDP access to up to €2bn in long-term corporate debt (up to 20 years maturity) from an unnamed Chinese financial institution.

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