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Portuguese company assumes 7.5% control of Mozambique utility

MAPUTO, Mozambique 7/9/12 (PennWell) -- Portuguese energy company Redes Energeticas Nacionais has acquired a 7.5% share of Hidroelectrica de Cahora Bassa, HydroWorld.com has learned.

REN's acquisition is a step in a transaction previously reported by HydroWorld.com in April, which will eventually see those shares transferred to the Mozambique government in exchange for a stake in a yet-to-be-established company that will operate the country's new Centre-South (CESUL) transmission project.

Mozambique previously acquired 85% control of HCB through a US$700 deal in 2007, then picked up an additional 7.5% in September at a cost of $42 million.

After REN's shares are transferred to Mozambique, it will give the country full control of HCB and its 2,040-MW Cahora Bassa plant on the Zambezi River.

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