LIBSON, Portugal 12/28/11 (PennWell) -- China Three Gorges (CTG) -- the corporation responsible for China's 22,400-MW Three Gorges hydroelectric project -- has acquired a stake in Portuguese utility Energias de Portugal, S.A. (EDP).
CTG, which now owns a 21.35% share of EDP, is also the utility's newest "strategic partner".
In accordance with the envisioned partnership, CTG will invest US$2.6 billion until 2015 (including co-funding capital expenditures) for stakes between 34-49% in 1.5-GW (net) of operational and ready-to-build renewable energy projects.
The strategic partnership has already been approved by EDP's General and Supervisory Board, and the Executive Board of Directors. A fulfillment of standard conditions precedent around the date CTG closes on its acquisition will finalize it, according to an EDP release.
CTG also recently announced its investment in China Power New Energy Development.