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Report: EDP to reveal plans to sell some of its Portuguese energy assets

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Report: EDP to reveal plans to sell some of its Portuguese energy assets

EDP - Energias de Portugal SA plans to announce on March 12 the sale of part of its Portuguese power generation portfolio to support its renewable energy growth plans, Reuters reported, citing sources close to the matter.

CEO António Mexia is scheduled to reveal the plan to investors for utilizing the sale proceeds to fund an expansion in renewable energy projects. The Portuguese assets account for 90% of Portugal's power production and distribution system. The company has also initiated talks to sell its Pecem thermoelectric plant in Brazil for approximately $520 million, one of the sources told Reuters in a March 8 report.

China Three Gorges Corp., or CTG, launched a €9 billion takeover proposal of the company in May 2018 that was blocked by activist investor Elliott Management Corp., which has a 2.9% interest in EDP and is one of the 10 largest investors of the utility. CTG is the largest shareholder in EDP, with a 23% stake. The Chinese company ceased takeover talks with EU regulators earlier this year due to the slow pace of the transaction, according to a Jan. 25 Reuters report.

EDP owns conventional generation assets of approximately €1.7 billion, or $1.9 billion, in Portugal and Spain, according to the March 8 Reuters report.