OREANDA-NEWS. May 16, 2013. A EUR400 million Euros refinance contract was signed between Redes Energeticas, S.G.P.S., S.A. (REN) and China Development Bank (CDB) in Lisbon, Portugal. Huang Fusong, Chinese ambassador to Portugal, Maria Luis Albuquerque, Portuguese Secretary of State for the Treasury and Artur Trinidade, Portuguese Secretary of State for Energy, attended the signing ceremony and delivered speeches.

Since State Grid Corporation of China (SGCC) successfully became the single largest shareholder and strategic partner of REN in last May, SGCC has fulfilled all relevant commitments during the acquisition and reserved no efforts to help REN in its application for CDB credit loans. Last September, CDB officially provided a Term Sheet of EUR 800 million financing to REN with favorable terms. As the first payment, the EUR 400 million loan will effectively reduce REN’s financing cost, increase its capital liquidity and play a positive role in the healthy, stable and sustainable development of REN.

The delegates from the International Cooperation Department of SGCC, State Grid European Office and State Grid International Development Limited attended the signing ceremony.