China Three Gorges gets 570 MW of Spanish solar

• The power company has won the race to acquire a 572 MW, 13-project solar plant portfolio owned by Madrid-based, Canadian-U.S.-controlled designer X-Elio.

Chinese state-owned power business Three Gorges New Energy Co (CTGE) has actually won the race to obtain a 572 MW Spanish solar plant portfolio possessed by Madrid-based, Canadian-U.S.-controlled programmer X-Elio.

The Chinese company said the solar plants were constructed in the last 20 months and added, the acquisition "will certainly strengthen CTGE's existence in Europe, in addition to its investments in Portugal, Germany and the United Kingdom and also Greece." The transaction is anticipated to be completed in the second half, pending regulatory authorizations.

The 13 solar projects concerned are valued at EUR500-600 million. Service intelligence company Bloomberg last month reported China Three Gorges as well as state-owned peer Shanghai Electric would certainly be the likeliest customer after X-Elio dismissed competing suitors consisting of Spanish power firm Iberdrola.

X-Elio, which claims to have 41 solar plants in a lots nations, is managed by Canadian investor Brookfield Renewable Partners LP and also U.S. private equity residence KKR.