Portuguese utilities firm EDP – Energias de Portugal, aims to reduce its debt level through disposal of assets this year, particularly to its main shareholder, Chinese state-owned utilities business China Three Gorges. The information came from Portuguese newspaper Expresso.

António Mexia, chairman of EDP, told the media outlet the group would sell assets worth 500 million euros (US$551.22 million).

The group would raise 392 million euros of that by selling to China Three Gorges its respective 49 percent stakes in operations in Poland and Italy, he added.

EDP hoped to reduce its debt level by 900 million euros to 16.5 billion euros by the end of this year through asset sales, the newspaper said.

China Three Gorges bought a 21.35-percent stake in EDP for 2.65 billion euros in 2011 from the Portuguese Government.