EDP has decided to sell its 50 percent stake in Hydro Global China International Water & Electric Corporation for $68 million (nearly €67 million), it was announced to the market this Friday.
“EDP has agreed to sell China International Water & Electric Corporation, a company that is part of the China Three Gorges Group (CTG), a 50% stake in Hong Kong-based Hydro Global Investment Limited for approximately $68 million.” This is stated in a statement sent to the Portuguese Securities Market Commission (CMVM).
Hydro Global is a “joint venture” (partnership) owned by EDP and CTG (50-50) whose main asset is the 209 megawatt (MW) San Gaban III hydro project in Peru.
According to the same note, the sale of this stake will allow EDP to “continue its growth trajectory” while maintaining its focus on growing assets in renewable generation, grids and value-added services.
The transaction in question is subject to regulatory approval.
The company does not expect “material impact” on its results in 2022.
In this Friday’s trading session, EDP shares rose 0.28% to 4.94 euros.
Author: Lusa
Source: CM Jornal
