Lisbon, Portugal — 09 March 2012 – The chief executive of Portuguese power company EDP says that the company will be involved in wind farm and dam projects in Angola this year, as part of its plan to expand to other countries.
According to a report from Portuguese news agency Lusa, António Mexia, who was speaking at the annual EDP press conference here, said that the company had news in 2012 for the Angolan market, in which it was a minority investor, namely in wind farms and new hydro projects.
The chairman of EDP noted, however, that everything depended on the legal and regulatory framework that countries like Angola still did not have: “The majority of these markets need a legal and regulatory framework, and often it is much slower than we, or they, would like.”
Mexia also said that the African market, which includes Angola, was part of EDP’s expansion strategy into new geographical areas, and was in line with what had been agreed with the group’s new shareholder, China Three Gorges (CTG).
“There is a policy of co-investment between China Three Gorges and EDP; EDP will be a majority shareholder in Latin America and CTG a majority shareholder in Asia. “In Africa, this will be based on who provides the investment,” he added.
In 2011 EDP posted profit of almost US$1.5 billion, which was 4% higher than the previous year “’ the Portuguese company’s best ever year.
Source: Portuguese news agency Lusa. To see full item, click here.