Portuguese energy firm Energias de Portugal has revealed plans to make a closed offer of a 15% stake in its Portuguese energy provider REN - Rede Electrica Nacional.

In a statement, Energias de Portugal (EDP) said that its board had resolved to initiate a private process addressed to a limited number of investors for the sale of up to 15% of REN.

The development comes as EDP is moving to reduce its holding in REN to around the 5% level. EDP intends to complete the transaction by the end of the year.