Privatisation of EDP – Energias de Portugal concludes Friday

8 May 2012

The privatisation of Portuguese power company EDP – Energias de Portugal is due for conclusion Friday when China Three Gorges (CTG) will finish paying the Portuguese state 2.7 billion euros, the chairman of the Chinese company said Monday in Beijing.

“Everything is set. Tomorrow I will leave for Lisbon and on 11th we will close the deal,” said the chairman of CTG, Cao Guangjing, speaking to Portuguese news agency Lusa.

Cao Guangjing also noted that CTG taking a stake in EDP would “bring Portugal and China closer together,” and noted that State Grid was also in the Portuguese market and that more Chinese companies would likely invest in Portugal.

As outlined in the contract with the Portuguese state, CTG ahs already paid around 600 million euros and by June it is due to pay a further 2.1 billion euros for 21.35 percent of EDP, making it the company’s largest shareholder.

China Three Gorges was founded by the Chinese government in 1993 to build the world’s largest hydroelectric facility, the Three Gorges Dam on the Yangtze River. (macauhub)