Portuguese power grid group REN – Redes Energéticas Nacionais - remains interested in buying 7.5% of the Cahora Bassa Hydroelectric dam in Mozambique, and is now waiting for an agreement to be reached between the two countries, reports macauhub.
Whilst presenting the group’s results for 2011, group chairman Rui Cartaxo said he was confident that the deal would be closed soon, adding that taking a stake in HCB would likely be the first investment to be carried out along with the group’s new shareholders, China’s State Grid Corp and the Oman Oil Company, in Mozambique.
Recent news in the Portuguese and Mozambiquan press reported that the deal had yet to be closed due to a difference of opinion about the price – which seems an odd one at that. The Portuguese side wants the deal to be done at 2006 prices, which would mean a total of 140-million euros, whilst Mozambique is saying that the shares are worth 117.5-m euros, or 22.5% less than the amount Portugal is asking for.
