Chinese state-owned power firm China Three Gorges (CTG) will invest up to 400 million euros (US$455 million) in the next 12 months in projects led by Utility Energias de Portugal (EDP), news agency Reuters reported.

EDP chief executive António Mexia told the agency in an interview that EDP plans to spend 1.2 billion to 1.3 billion euros in projects across the globe in the coming 12 months.

CTG will spend 300 million to 400 million euros through co-investment or by buying minority stakes, he said. “It means we can develop lots of new projects.”

The Chinese funding is part of a 2011 commitment by CTG to invest 2 billion euros in EDP-led projects. That year CTG bought a 21.35-percent stake in the Portuguese power firm for 2.7 billion euros.

This week Mr Mexia said he expects the total funding from CTG to reach 1.7 billion euros by the end of this year. He also expects funding to continue even after the original target figure is achieved.

EDP and CTG have recently formed a 50-50 venture, Hydroglobal, to develop hydropower projects in Latin American nations outside Brazil, as well as in Portuguese-speaking African nations including Mozambique, Reuters reported.

Access to new markets, investments in carbon dioxide-free renewable energy and a desire to experience from deregulated energy markets are three key criteria when CTG decides whether to invest in EDP-led projects, Mr Mexia added.