Portugal's EDP committed to keeping 70% of renewables unit - CEO
LONDON (Reuters) - Portugal's largest utility EDP is committed to keeping more than 70% of its wind and solar unit EDP Renovaveis, its chief executive told a news conference on Thursday.
Earlier on Thursday it said EDPR, in which it holds a 75% stake, intended to raise 1 billion euros through a share sale, and Lisson Grove Investment, an affiliate of Singapore sovereign wealth fund GIC, had committed to subscribe to the issue at between 19.25 euros and 20.5 euros per share.
EDPR is worth 19.5 billion euros ($21 billion) and the share sale would equate to slightly less than a 5% stake, said Chief Executive Miguel Stilwell de Andrade.
"We have a strong commitment to keeping more than 70% of EDPR. We do not have any intention of doing additional placements and certainly not of this magnitude," he told journalists.
EDP plans spend 25 billion euros over four years to nearly double its renewable energy capacity to 33 gigawatts (GW) by 2026, it said in its strategic plan through 2026.
($1 = 0.9437 euros)
(Reporting by Nina Chestney; Editing by Elaine Hardcastle and Jan Harvey)