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Overview

China Development Bank provides a €1 billion EUR loan to EDP – Energias de Portugal for unspecified purposes

Commitments (Constant USD, 2023)$1,392,555,814
Commitment Year•2012Country of Activity•PortugalDirect Recipient Country of Incorporation•Multiple JurisdictionsSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 26, 2012
Last repayment (originally scheduled)
Jul 25, 2017

Geospatial footprint

Map overview

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This agreement supports CDB's loan facility to EDP – Energias de Portugal, S.A., which is headquartered at Avenida 24 de julho, 12 1249-300 Lisboa, and EDP Finance B.V., which is headquartered at Herikerbergweg 238, 1101 CM Amsterdam, The Netherlands. More detailed locational information can be found at https://www.openstreetmap.org/relation/7555178 and https://www.openstreetmap.org/node/2862918095.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Private Sector

  • EDP – Energias de Portugal, S.A.
  • EDP Finance B.V.

Loan desecription

China Development Bank provides a €1 billion EUR loan to EDP – Energias de Portugal for unspecified purposes

Interest rate (t₀)•5.508%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•5 years

Narrative

Full Description

Project narrative

On July 26, 2012, China Development Bank Corporation (CDB) approved a €1.000 billion EUR senior loan agreement with EDP – Energias de Portugal, S.A. — a Portuguese electricity utilities company headquartered in Lisbon — and EDP Finance B.V. — a Netherlands-incorporated wholly-owned subsidiary of EDP — for unspecified purposes. This loan carried a maturity period of five years and an interest rate based on 6-month EURIBOR plus a margin of 480 basis points (bps). This loan was unsecured. This loan was part of the commitments set out in the strategic partnership between EDP and Chinese state-owned central enterprise China Three Gorges Corporation (CTG) signed on December 22, 2011; CTG agreed a 21.35% equity stake in EDP concurrent with that partnership.

Staff comments

1. EDP – Energias de Portugal, S.A. is a private company that generates, supplies and distributes electricity and the supply of gas in Portugal and Spain. 2. The average 6-month EURIBOR for July 2012 was 0.779%. Therefore, the interest rate has been coded as 0.779% + 4.80% (480 bps) = 5.579%.