Portuguese group Redes Energeticas Nacionais expands to Mozambique

28 February 2011

Maputo, Mozambique, 28 Feb – Portuguese power grid group Redes EnergÈticas Nacionais (REN) has taken its first step to expand to the Mozambican market by signing Friday in Maputo a protocol with a view to creating conditions to start operating in the country.

According to Mozambican daily newspaper NotÌcias, the protocol was signed by REN, the Caixa Banco de Investimento (CaixaBI)bank and the Banco Comercial e de Investimentos (BCI) bank.

Under the terms of the protocol the two banks will advise REN, specifically in the area of mergers and acquisitions and the design and execution of projects to be carried out by REN in Mozambique.

The REN group holds the concession on the power transmission network in Portugal and has been moving into international markets, specifically in Africa and Brazil.

Caixa BI is the investment banking platform of Portuguese state banking group Caixa Geral de DepÛsitos and BCI is the second-largest financial institution in Mozambique, with a market share of over 30 percent. (macauhub)