Energias de Portugal and China Three Gorges increase cooperation

27 October 2014

Power company Energias de Portugal (EDP) and China Three Gorges (CTG), the largest shareholder of the Portuguese group, have signed an agreement to strengthen cooperation, said an EDP Group director.

The director also told Portugal’s Lusa news agency that the agreement, which provides for joint investments in hydro and wind projects in several countries, will be signed during the first visit to Portugal by CTG’s new president, Lu Chun.

Lu Chun took on the presidency of CTG last March after inspectors from the Central Discipline Committee of the Chinese Communist Party detected “irregularities” in the management of the company, including “abuse of power in bids and contracts for projects.”

The former president of CTG, Cao Guangjing, was appointed deputy governor of Hubei province, where the Three Gorges Dam is located on the Yangtze River.

China Three Gorges, a state group directly supervised by the Chinese central government became the largest shareholder of EDP in 2012, when it paid 2.7 billion euros for 21.3 percent of EDP. (macauhub/CN/PT)