Three Gorges signs deal with Portuguese power firm

Updated: 2011-12-31 10:19


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LISBON - China Three Gorges Corp signed the deal with Portuguese power giant Energias de Portugal (EDP) on Friday to buy 21.35 percent of its stake at around 2.69 billion euros ($3.48 billion).

"This is a deal that will enlarge the presence of Three Gorges Corporation in the world and it is the first deal that we do in Europe", said Cao Guangjing, president of the corporation's board.

With an initial payment of 600 million euros ($776.4 million), the Three Gorges Corp. will pay the rest after the approval of regulatory authorities.

The Three Gorges Corporation won the bid against two Brazilian companies, Telebras and Cemig, and the largest German electricity company, E.On.

Apart from the money invested in the shares, the financial package comprises 8.7 billion euros ($11.26 billion) in investments.

Cao said Three Gorges plans to expand businesses to the markets of Europe, United States and Brazil based on the "standing point" of EDP and accelerate the pace of its "going global" strategy.

According to Cao, Three Gorges has capital and is willing to invest outside China.

"We do not have any particular company in sight. We will evaluate the opportunities," Cao added.