China Three Gorges (CTG), the largest shareholder of EDP Portugal, is reportedly negotiating the sale of a 25% stake of its overseas asset portfolio, which also includes Brasil.
According to Bloomberg, CTG is about to close a deal with an international consortium for the sale of the stake of its overseas asset portfolio, an operation that may be valued at up to USD 2 billion.
The consortium involved includes companies such as China’s CNIC, GIC Private Limited, a Singaporean sovereign wealth fund, and other Chinese funds. The deal may close later this week, the same source added.
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China Three Gorges, the largest shareholder of EDP (headquarters pictured above), plans to use the amount raised from this deal to fund the development of the overseas portfolio.
The percentage to be sold is still to be determined, and may not reach 25%.
Both China Three Gorges, as well as CNIC and GIC refused to comment on this operation.
