State Grid Corporation of China Successfully Acquires a 25% Stake in REN, Portugal

February 2: The  government of Portugal officially announced the selection of the State Grid Corporation of China (SGCC) to acquire a 25% stake in  Redes Energéticas Nacionais (REN), the Portuguese national energy network company for approximately State Grid Corporation of China Successfully Acquires a 25% Stake in REN, Portugal387 million, via a public privatisation programme.

According to the agreement with the Portuguese government, SGCC will send a senior management team to take part in the strategic development of REN. SGCC will act as a strategic investor to fulfil its responsibility and promote a long-term, stable co-operation with the company's other stakeholders.

SGCC will help promote the efficiency and stability of the Portugal's national grid with its expertise in grid planning, construction, operation, and management, which will in turn promote the regional development. REN, in turn, can provide valuable know-how in terms of technical co-operation for the development of renewable energy where the company excels.

SGCC believes it is a successful transaction with a reasonable premium and favourable long-term financial returns, given the current economic situation in Europe and globally. This transaction also represents the first time for a Chinese company to successfully enter a national energy grid company in Europe.

This co-operation creates a win-win situation, which will further deepen the long-term partnership between China and Portugal, as well as China and Europe.

Source: Department of International Cooperation

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