Portuguese group EDP sells 50 pct of EDP Asia to ACE Asia

31 December 2014

Portuguese power group EDP – Energias de Portugal has sold 50 percent of its stake in EDP Asia – Investimento e Consultoria, Ltda. to ACE Asia, a subsidiary of CWEI Hong Kong Company Limited, a 100 percent-owned subsidiary of China Three Gorges, the group said.

In a statement filed with the Portuguese Securities Market Commission (CMVM), the group also said that the parties valued the 50 percent stake in EDP Asia at 94 million euros.

The deal, which was agreed as part of the strategic partnership with China Three Gorges, in December 2011 and came into force in May 2012, is considered to be part of CTG’s total 2 billion-euro investment in EDP.

EDP ​​Asia holds a 21.2 percent stake in Macau electricity company CEM, which has been the exclusive power transmission, distribution and supply company in the Macau Special Administrative Region since 1985. (macauhub/CN/MO/PT)