Energy company Energias de Portugal has said it is optimistic that the initial public offering of its renewables unit will go ahead at the start of June, despite the poor after-market performance of Spanish wind power company Iberdrola Renovables since its €4.5bn ($6.6bn) flotation last December.

EDP may also be considering alternative options such as selling shares in its renewable-energy division to Middle Eastern investors, according to a report by Portuguese daily newspaper Diário de NotÃcias. The company was not immediately available to comment.