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REN closes 800 million funding with China Development Bank

REN - Redes Energéticas Nacionais has concluded the 800-million euro funding with the China Development Bank.

This operation resulted from the strategic partnership agreed with State Grid International Development Ltd when REN was privatised.

The loan consists of two 400-million euro instalments with distinct maturities and objectives. The first will be used for refinancing REN's financial debt and will mature eight years from the date of first use with an annual spread of 4.7% on the 6-month Euribor. The second instalment will be used for investments in electricity and natural gas infrastructures amounting to 400 million euros and will mature twelve years from the date of first use with an annual spread of 4.9% on the 6-month Euribor.

For Rui Cartaxo, CEO of REN, "this funding will enable the company to become financially more robust and flexible and assist in the process of growth and internationalisation". REN's CEO emphasises that the favourable conditions achieved in this operation "demonstrate REN's financial credibility in the international markets".