China Three Gorges pleased with investment in EDP

The Executive Vice President of power company China Three Gorges International, Wu Shengliang, says the goals the firm had when it invested in Portuguese utility Energias de Portugal (EDP) have been “basically fulfilled”. Mr Wu added however that the company would not be seeking to increase its stake in the Portuguese firm.

In 2011, China Three Gorges paid 2.7 billion euros (US$3.0 billion) to acquire a 21.35-percent stake in EDP.

“We take into consideration the strategic business objectives, and, in that regard, we are pleased,” Mr Wu told Portuguese news agency Lusa, speaking in Beijing.

The executive said the investment in EDP helped with the internationalisation of the state-run China Three Gorges. “Today, China Three Gorges is the second biggest private producer of energy in Brazil … we have joint projects with EDP in Britain and France, and we have a presence in Italy, Poland and Portugal,” said Mr Wu, quoted by Lusa.

The executive additionally said that the Chinese firm does not have, currently, plans either to increase or to sell part of its stake in EDP. “We are different from other shareholders; we have a long-term vision and our interest is more [in a] strategic [investment] than [just] financial,” he added.