The Portuguese State purchased 13.7% of REN through Parpública, but an order signed by the Finance and Environment and Energy ministers requested the acquisition of up to 20% of the capital of the electricity and gas transmission network operator. This stake aims to create a counterweight to the company's largest shareholder, State Grid, a Chinese public company that holds 25% of the capital. According to governance and geopolitics experts consulted by ECO/Capital Verde, the reinforcement of the State's position serves to balance power with the Chinese shareholder, prevent more dominant positions from other investors, and ensure that the strategic objectives defined by the State are closely followed.
The Environment and Energy minister, Maria da Graça Carvalho, emphasized that holding a stake in REN is a matter of sovereignty, at a time of global geopolitical turmoil, although she guaranteed that no problems have been recorded in the working relationship with State Grid. Heitor Barras Romana, a professor at ISCSP, notes that Chinese companies are looking for more than dividends, political influence, and the ability to influence decisions in strategic sectors, which is why it is important to create counterweights. Duarte Pitta Ferraz, partner at Ivens Governance Advisors, argues that the Portuguese State should never hold less than 25
