China Three Gorges buys 500MW solar plants in Spain

The portfolio of plants were built in 2019-2020.

The Chinese state-owned power company China Three Gorges (CTG) has reached an agreement with Madrid-based renewables firm X-Elio to acquire a portfolio of 13 solar plants in Spain, with a combined capacity of 500MW.

The solar plants, which are located in Andalusia, Extremadura, Castilla La Mancha, Murcia and Castilla y León, were built in 2019-2020 and are fully operational. The transaction is subject to regulatory approvals, including a foreign investment authorisation, and is expected to close by end-2020.

In December 2011, CTG won the tender to acquire a 21% stake in Portuguese electric utility EDP. In May 2018, the company proposed a takeover of EDP, which was ultimately rejected.

This article was originally published by Enerdata.