Portuguese power grid company REN still interested in taking stake in Mozambique’s Cahora Bassa dam

11 November 2011

Lisbon, Portugal, 11 Nov – Portuguese power grid company REN – Redes Energéticas Nacionais remains interested in acquiring Portugal’s stake in the Cahora Bassa Hydroelectric Dam (HCB), the company’s chief executive, Rui Cartaxo said.

Speaking to Portuguese news agency Lusa, Cartaxo said that REN was still interested in cooperating with Mozambique and in taking part in projects in the country,”and taking a stake in HCB would be an important step.”

In 2006, Portugal and Mozambique signed a deal to transfer part of HCB’s capital to Mozambique, which ended up with an 85 percent stake, whilst Portugal held on to the remaining 15 percent compared to 82 percent previously.

Under the terms of the same deal, Portugal’s 15 percent stake would be split into two equal parts, one of which would be bought by a Portuguese company and the other by a Mozambican company.

“I would be happy if [the operation] was [carried out] by the end of the year,” said the CEO of REN, whose internationalisation strategy includes expansion to Portuguese-speaking countries such as Mozambique, Angola and Brazil.

In September, Portugal’s Prime Minister Pedro Passos Coelho said that the decision to sell 15 percent of Cahora Bassa that was still owned by the Portuguese state would be made at the next Portugal-Mozambique summit due to take place on 28 and 29 November in Lisbon. (macauhub)