Portuguese power company EDP – Energias de Portugal SA – has sold half of the 66.67 percent stake it held in Brazilian power company Empresa Energia São Manoel SA to a subsidiary of China Three Gorges Corp (CTG) in Brazil, the group said.

In a statement issued through Portuguese market regulator CMVM the group said that the stake was held by EDP-Energias do Brasil (EDP Brasil) and was sold to CWEI (Brasil) Participações Ltda, news website Macauhub.com reports.

The transaction took place “as part of the EDP/CTG strategic partnership agreed in December 2011 and that entered into force in May 2012,” the firm added. CWEI Brasil now holds a 33.333 percent stake in the Brazilian company, with EDP reducing its holdings to 33.334 percent.

Empresa de Energia de São Manoel holds the concession for the construction and operation of the São Manoel hydroelectric plant, with an installed capacity of 700 megawatts. It is to be built on the border between the states of Mato Grosso and Pará.