OREANDA-NEWS.  May 14, 2013. The China Development Bank (CDB) signed a EUR 400 million refinancing agreement with Portugal's Redes Energeticas Nacionais (REN) in Lisbon on 29 April. This is the first tranche of the CDB's loan to Portugal totaling EUR 800 million.  

Huang Songfu, Chinese ambassador to Portugal, said at the signing ceremony that the refinancing agreement is another fruit of China-Portugal cooperation following the joint establishment of a research and development center by the State Grid Corporation of China and REN of Portugal.

Rui Cartaxo, chairman of REN, said the CDB's loan will help improve REN's financial stability and flexibility and will make significant contributions REN's sustainable development in the future.

China's State Grid Corporation acquired a 25% stake in REN for EUR 387 million in 2012, the first successful acquisition of a national power grid in Europe by a Chinese enterprise. At the beginning of this year, State Grid Corporation and REN jointly established a research and development center.