EDP and China Three Gorges set up company in Macau

Portuguese electricity company EDP (Energias de Portugal) and its largest shareholder, China Three Gorges, will be establishing a company based in Macau to operate dams in Africa and Latin America. Each company will have a 50 percent interest in the new enterprise, a source told Lusa news agency. Located in Macau, the company will be investigating business opportunities in the global market which relate not only to energy, but also to the construction and design of small or medium-sized hydroelectric projects. The companies signed an agreement on Monday during the president of China Three Gorges’ first visit to Portugal. The protocol outlines the need for the development of business in the hydroelectric sector, particularly in African and Latin American countries.  China Three Gorges is a state-owned Chinese power company that became EDP’s major shareholder in 2012, having paid EUR2.7 billion to acquire 21.3 percent of the Portuguese company’s capital.