China Three Gorges gets hands on 619 MW of Spanish solar

• Chinese state-owned power company China Three Gorges has consented to acquire some 619 MW of solar PV assets in Spain from UK renewables investor Nexwell Power, according to numerous reports by the Spanish media.

The news was first reported by company daily Expansion.

The Chinese business is stated to have beaten large entities, among them utility Naturgy Energy Group SA (BME: NTGY) as well as building and construction firm Ferrovial SA (BME: FER), in Nexwell's competitors process for the assets.

Expansion and also others report the bargain could be worth over EUR 200 million (USD 213.9 m).

Media sources states the portfolio includes 153 MW of operational solar farms, 52 MW incomplete and also the rest in the shovel-ready phase.

China Three Gorges first pertained to Spain in August 2020 when it acquired around 500 MW of solar farms from X-Elio. That offer was adhered to by a purchase of a 450-MW wind and solar portfolio a year later, as well as the purchase of 181 MW of wind farms from EDP Renovaveis SA (ELI: EDPR) in November 2021.