Portuguese state to buy 13.7% stake in energy firm REN

The Portuguese state is set to re-enter the capital of the national energy company REN, agreeing to purchase approximately 13.7% of its shares from Pontegadea Inversiones, the investment vehicle of Spanish businessman Amancio Ortega.

The agreement involves the transfer of 91,723,676 REN shares from Pontegadea to Parpública, the state-owned entity managing Portuguese state holdings. The financial terms of the transaction were not disclosed, and the deal remains subject to approval from the Court of Accounts.

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We do not do it to renationalize this company. We do it to be there, to be inside, to protect the strategic interest of Portugal in its electrical infrastructure. We are there to participate in investment decisions, in strategic decisions, so that people can benefit from our productive capacity and so that we can lower the price of energy.

This acquisition signifies the Portuguese state's return to REN after divesting its ownership 12 years prior. Prime Minister Luís Montenegro emphasized that the move is not a renationalization but a strategic decision to safeguard Portugal's interests in its electrical infrastructure.

"We are there to participate in investment decisions, in strategic decisions, so that people can benefit from our productive capacity and so that we can lower the price of energy," Montenegro stated, highlighting the goals of security and strategic participation.

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It is a matter of strategy, it is a matter of security.