Portugal’s EDP to sell Iberian assets to fund renewable energy plans
Utility company will also raise €4bn via an asset rotation programme until 2022
London — Portuguese utility company EDP announced plans to sell €2bn ($2.3bn) worth of assets in Portugal and Spain, and raise another €4bn via an asset rotation programme until 2022 to fund its expansion in renewable energy. EDP-Energias de Portugal is the target of a €9bn takeover proposal by China Three Gorges (CTG), which the EDP board has rejected as too low and which is opposed by activist shareholder Elliott Advisors. In a strategic update on Tuesday, EDP also earmarked €12bn for capital expenditure between 2019 and 2022, with 75% of that to be spent in North America and Europe, CEO Antonio Mexia told investors and analysts during a presentation in London.
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