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China Daily Website

Portugal's energy tycoon EDP receives loan from BOC

Updated: 2012-12-21 15:15
( Xinhua)

LISBON - Energias de Portugal (EDP), Portugal's largest electricity and gas company, will receive a loan of 800 million euros ($1.05 billion) from Bank of China under a deal signed on Thursday, said EDP chief financial officer.

EDP will receive the second tranche of 1 billion euros ($1.32 billion) in January 2014, said Nuno Alves, who signed the agreement with Huang Hong, general manager of Luxembourg Branch of Bank of China.

At the signing ceremony, Guo Deqiu, director-general of Corporate Bank Unit of Bank of China Ltd, said China-Portugal cooperation has ushered in a new stage since the two countries established comprehensive strategic partnership in 2005.

Speaking highly of EDP's rich experience and advanced technology on clean energy and capability in cushioning risks, Guo said, the Bank of China, a highly internationalized State-owned commercial bank, was willing to cooperate with such excellent companies as EDP.

The Bank of China was fully confident in EDP's future and hoped that the two sides would achieve a win-win situation in cooperation, Guo added.

EDP is a Lisbon-based multinational electricity and gas company, with renewable energy as the main source for its electricity generation. It also has significant electricity and gas operations in Europe, Brazil and the United States.

The company earned 15.1 billion euros ($19.9 billion) in 2001, accounting for some 9 percent of Portugal's GDP.

In Dec 2011, China Three Gorges Corp signed a deal with EDP to buy 21.5 percent of its stake at around 2.69 billion euros ($3.48 billion).