China Three Gorges to buy 13 Spanish solar power plants

• 3 years ago (2020-08-19)
• David Flin

Europe 1061 Solar 243

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China’s energy and infrastructure giant China Three Gorges (CTG) has agreed to buy 13 Spanish solar power plants built by Madrid-based renewables firm X-Elio . This marks CTG’s entry into the Spanish energy sector.

This move into Spain follows CTG’s purchase of a 23 per cent stake in Portugal’s largest utility EDP , which has provoked concerns in the USA and some European countries over China’s growing influence in the sector.

The solar plants were built between 2019 and 2020 and are fully operational, with a total capacity of just over 500 MW.

Wu Shengliang, Chairman of CTG, said: “This represents a landmark transaction for CTG, our first direct investment in Spain. We believe Spain is the biggest solar market and we will consider future opportunities to grow our platforms.”

CTG said that the transaction would be finalised by the end of the year, but did not disclose how much the deal was worth.