GIC to acquire a 5% stake in EDP Renováveis for $1bn.

GIC, a sovereign wealth fund, agreed to acquire a 5% stake in EDP Renováveis, a renewable energy company, for $1bn. EDPR plans to use the new capital to fund the growth in renewables and energy transition. EDPR’s parent company, EDP, is keen on maintaining a share of more than 70% in EDPR and has no intention of doing any additional share placements of this size.