Canada Pension Plan Raises €815 Million in EDP Share Sale
(Bloomberg) -- The Canada Pension Plan Investment Board, one of the world’s largest pension funds, raised about €814.7 million ($942.6 million) from the sale of its stake in Portuguese energy company EDP SA.
CPPIB priced the sale at €3.729 per share in an overnight placing arranged by Goldman Sachs Group Inc., according to terms seen by Bloomberg News. That marked a discount of about 6% to Monday’s closing price. The holder sold 218.5 million shares in the offering, slightly less than the 225 million that was originally marketed to investors, the terms show.
EDP shares slid as much as 5% on Tuesday to €3.77 apiece, staying above the offering price. The stock remains up 24% on the year.
China Three Gorges Corporation is EDP’s top shareholder with 21.4% of capital with Oppidum Capital S.L. holding 6.82% and Blackrock Inc 6.08%, according to the utility’s website.
Shares in EDP fell 9.7% last week after it reported lower profit and narrowed its guidance for the full year. The company announced a new strategic plan to spend €12 billion between 2026 and 2028 to expand its wind and solar energy projects as well as power networks in Iberia.
(Updates with final pricing throughout, stock’s reaction in third paragraph and adds chart.)
©2025 Bloomberg L.P.
