REN signs finance contract with China Development Bank

REN – Redes Energéticas Nacionais has signed a finance contract today for the sum of 400 million euros with China Development Bank. This sum is part of the 1 billion euro agreed with State Grid International Development Ltd during REN’s privatisation.

The agreement was signed in Lisbon in the presence of Maria Luís Albuquerque, Secretary of State for the Treasury, Artur Trinidade, Secretary of State for Energy, Huang Songfu, Chinese Ambassador, Cheng Mengrong, director of the International Cooperation Department of the State Grid Corporation of China, Liu Zhenxi, General Director of the Department of Major Business Clients of the China Development Bank and Rui Cartaxo, REN CEO.

This first instalment of 400 million euros will be used to refinance REN’s financial debts. The second instalment, also of 400 million euros, will be used to finance electricity and natural gas infrastructure projects. The remaining 200 million euros will be used for projects that have yet to be identified.

Rui Cartaxo, REN CEO, said, “this finance will strengthen the company’s robustness and financial flexibility and is an important contribution towards its sustained development”.