Portuguese company EDP sets up holding to invest in Angola

30 July 2009

Lisbon, Portugal, 30 July – EDP is to set up a holding company with Sonangol Holdings, Banco Privado Atlântico and Finicapital with a view to investing in the production conventional and renewable electrical energy in Angola according to a statement by the Portuguese electricity company.

The agreement formalized on Wednesday between the four entities aims to “establish partnerships in the areas of conventional – including natural gas – and renewable electrical energy production in Angola.”

EDP, Sonangol Holdings and Banco Privado Atlântico hold equal stakes in the holding (30 percent), while Finicapital –Investimentos e Gestão holds the remaining 10 percent.

The partnership is valid for a period of five years.

The Portuguese electricity company only provides consultations services in Angola for clients such as the Angolan energy ministry and ENE – the Angolan National Electricity company.

Last year EDP had a turnover of close to 10 million Euros for consulting services in Angola, mainly from carrying out viability studies for the project, the tender for the renovation and expansion of a hydroelectric plant and the design of the master plan for the Development of high- and medium-tension networks in Luanda.

The company has also already carried out the inspection and supervision of the supply of gas power plants in Angola. (macauhub)