EDP-Energia de Portugal is working on a plan to sell some of its electricity gen...
LONDON/LISBON - EDP-Energia de Portugal is working on a plan to sell some of its electricity generation assets in Portugal, three sources close to the matter said, in an effort to free up cash to drive its renewable energy expansion.
EDP, which was approached last year by China Three Gorges with a 9 billion euro takeover proposal, owns conventional generation assets in Portugal and Spain that are worth around 1.7 billion euros . It wants EDP’s investors to shun CTG, the largest shareholder in EDP with a 23 percent stake, and back an alternative plan to divest assets across Brazil, Portugal and Spain which could be worth about 7.6 billion euros.
Meanwhile, CTG’s bid proposal needs regulatory approval in a number of countries, including Brazil, the United States, Portugal and the European Union.
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