Update of the terms of the strategic partnership between EDP and CTG
Update of the terms of the strategic partnership between EDP and CTG
Lisbon, December 10th, 2021:EDP - Energias de Portugal, S.A. (“EDP”) is providing the following information to the market:
In December 2011 and following EDP’s 8th privatization phase, wherein China Three Gorges (“CTG”) has acquired a qualified participation in the share capital of EDP, CTG and EDP established a strategic partnership to promote the cooperation between both parties and regulate potential conflicts of interest.
During the 10-year period, the partnership has contributed to the growth of EDP and CTG as global leaders in renewable energies and for the energy transition. Amongst other milestones, the strategic cooperation has enabled (i) financing support from CTG during the European sovereign debt crisis, which allowed the strengthening of EDP’s balance sheet, (ii) cooperation and sharing of capabilities in the development of several growth opportunities, namely in hydroelectric generation projects co-investments in Latin America and (iii) joint research & development initiatives for the development of new technologies.
Considering the increasingly global positioning of both companies, and, in particular, EDP's recent entry into the Asian market, EDP and CTG have agreed to update the terms of the strategic partnership. The update of the partnership will be governed by a revised agreement to be entered into by CTG and EDP, in force from today onwards.
The scope of this update, which considers the current context of the sector marked by the strong commitment to energy transition, aims to promote flexibility for the growth strategies of both companies, ensuring the application of the most rigorous corporate governance standards in the parties’ future relations and preserving the instruments of cooperation and sharing of best practices, in order to potentiate the maximization of value for both companies and their shareholders.
This information is disclosed pursuant to the terms and for the purposes of article 17 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council and of article 248-A of the Portuguese Securities Code.
EDP – Energias de Portugal. S.A.