Chinese-Portuguese partnership of EDP and CTG is “a success story”

13 July 2015

The “strategic partnership” of power company EDP – Energias de Portugal and China Three Gorges Group (CTG) is “a success story” for the Portuguese economy, the President of the Supervisory Board of EDP said Friday in Beijing.

“There is no significant Chinese investor that thinks of investing in Portugal that does not look to the example of EDP, as the result is extremely positive,” Eduardo Catroga told Portuguese news agency Lusa.

Catroga also said that “for its scale and impact,” the 2.7 billion euros that CTG paid for a 21.35 percent stake in EDP became “a flagship of Chinese investment in Portugal and in Europe.”

Catroga, a former Finance Minister also said that China Three Gorges taking a stake in EDP, agreed in December 2011, occurred at a time when “no one wanted to finance the Portuguese economy, when Portugal had no regular access to international financial markets.”

The President of the General Supervisory Board of EDP also said that the two groups are negotiating with Peru’s government to build a dam in the country, the first joint project outside the traditional markets of both companies.

“It’s a medium-sized dam and the concession contract will be signed this year,” added Catroga, noting that it will also be the first venture of a company incorporated in equal shares by EDP and CTG to “develop projects in the regions where we have no investments.” (macauhub/CN/PT)