HomeIndustry SectorsGenerationChina has long-term power plans in Portugal

China has long-term power plans in Portugal

Redes Energéticas
Nacionais (REN) “’ in a
growing relationship with
the Chinese
Lisbon, Portugal — ESI-AFRICA.COM — 24 February 2012 – The Chinese are moving ahead with plans to forge a long-term strategic relationship with their Portuguese counterparts on the energy front.

Revealing this in a statement issued here, the State Grid Corporation of China (SGCC) explained that its acquisition of a stake in Portuguese power grid company Redes Energéticas Nacionais (REN) was the start of a long-term strategic partnership between and two.     

The statement added that the SGCC planned to boost REN’s value and brand and to support the company in order to guarantee a safe and efficient power grid in Portugal, “creating employment opportunities and contributing to consumers’ continued access to quality services.”

SGCC is the world’s largest power grid company and uses cutting-edge technology in the construction, operation and management of its power grids.

“SGCC plans to share its advanced technological capacities with REN, alongside the know-how of the national company, in order to increase its operating efficiency and boost  the value of the company,” according to the statement.

“REN is an excellent company, with a broad-ranging electricity and gas grid, with a notable leadership and management team, and with good business performance and has a unique position in Portugal, in Europe and in other Portuguese-speaking countries,” said Liu Zhenya, chairman of the SGCC group.

“This is an important step for SGCC in Europe, following successful operations in the Philippines and Brazil,” and the agreement for acquisition of a stake in REN, “will bring new opportunities for development for both sides,” he said.