China Three Gorges wins $3.5bn race for stake in Portugal's EDP

China Three Gorges (CTG) has won the bidding war for a 21.3% share in Portuguese utility EDP, giving the Chinese group a significant foothold in renewable-energy development in Europe and beyond.

CTG is paying €2.7bn ($3.5bn) for the Portuguese government’s stake in EDP, which is being sold to raise money for the debt-stricken nation’s coffers.

The Chinese group – which built the world’s largest dam in China – says it will partner with EDP in developing renewable energy projects.

EDP’s renewables subsidiary, EDP Renováveis (EDPR) , claims to be the world’s third-biggest wind-power producer and has about 7.3GW of capacity in place across eight countries.

Analysts say the deal gives CTG access to the European market and also opens major possibilities Log in to read complete article.

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