Update: $1bn of Chinese cash all set to roll into EDPR

Portuguese wind giant EDP Renováveis (EDPR) has confirmed that China Three Gorges (CTG) will make €800m ($1.03bn) of a planned €2bn investment in the company’s assets during the next 12 months, after the Chinese finalise their purchase of a stake in parent-group EDP in the coming days.

The first CTG investments in EDPR’s wind projects should be made in 2012, says the Portuguese company's chief executive João Manso Neto – who revealed that he and his colleagues are already “working deeply” with officials from the Chinese group.

EDPR will unveil more details on 22 May, when it announces its new strategic investment plan. “One of the reasons why the CTG project was endorsed was because the plan is for CTG...to fuel growth in renewables,” adds Manso Neto.

Portugal’s government announced that CTG was buying a 21.35% stake in…

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