Singapore sovereign wealth fund to take stake in EDP Renováveis
EDP Renováveis admits to reallocate up to 150 million euros of the new capital increase to a set of qualified investors at the same price that is set for the Singapore sovereign wealth fund.
EDP Renewables and Singapore’s sovereign wealth fund will enter into an investment agreement, which provides for a capital increase of 1 billion euros, to partially fund the new business plan, it was announced on Thursday.
In a statement sent to the Portuguese Securities Market Commission (CMVM) early this morning, EDP Renováveis announced that it “intends to raise capital and enter into an investment agreement with Lisson Grove Investment Pte Ltd, a subsidiary of GIC Pte Ltd, the Singapore sovereign wealth fund and one of the world’s leading long-term investors, in which the latter has committed to subscribe up to €1bn of new shares in a capital increase.”
The capital increase will thus be underwritten by the GIC group, which will pay between €19.25 and €20.5 for each share of EDP Renováveis, which is 74.98% owned by EDP.
In the statement to the market, EDP Renováveis admits to reallocate up to 150 million euros of the new capital increase to a set of qualified investors at the same price that is set for the Singapore sovereign wealth fund.
On Wednesday, Reuters news agency reported that EDP Renováveis was sounding out potential investors, including sovereign wealth funds, to enter the electric company’s capital.