EDP Announces IPO to Go Ahead in June
April 7, 2008
Portuguese energy company EDP has stated its confidence that the planned initial public offering of its renewable energy division will be carried out in June.
Speaking to Reuters, Nuno Alves, CFO of EDP, said that the company was optimistic but that there were alternatives if the initial public offering (IPO) could not go ahead. These would include 5%-10% of the renewable energy unit being sold to one partner, or up to 20% being split between two partners.
EDP aims to use some of the capital raised by the IPO to pay off the unit’s debts, and will plough the rest into business growth.
In the second half of 2007, the renewables unit of EDP was valued at between E7.5 billion and E11 billion.