China Three Gorges gets in Spanish solar market with X-Elio deal

• China Three Gorges is to get in Spain's solar fray through the acquisition of a 500MW profile from designer X-Elio.

China Three Gorges Europe (CTGE), a subsidiary of China Three Gorges, amongst China's largest clean power operators, has struck an offer to acquire the functional possessions, which build upon the firm's existing European solar portfolio. CTGE presently holds assets in Portugal, Germany, the UK as well as Greece.

Wu Shengliang, chairman at CTGE, explained the deal as a "landmark deal" for the team, adding his idea that Spain is currently one of the most successful solar market.

China Three Gorges has renewable energy assets with a total creating ability in excess of 75GW, although that consists primarily of hydropower possessions in its native China.

The offer, which remains based on regulatory approvals, will see X-Elio lower its presence in Spain, however it will certainly remain to hold about 2GW of assets in its home market and Lluis Nogeura, president at X-Elio, restated the firm's commitment to the nation's solar market.

"The Spanish government's renewable objectives are going to be critical to revitalise the Spanish economic situation via jobs production and improvement of the competition of energy prices after the existing COVID-19 crisis. These plans are plainly raising the appetite from top tier international power generation investors like CTGE," he stated.

X-Elio remains a 50/50 joint venture between US framework fund KKR and also Canada-based asset administration group Brookfield Asset Management adhering to a possession shake-up which completed late last year.