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China Three Gorges buys Spanish solar capacity, Expansion reports
MADRID: China’s state-owned China Three Gorges has agreed to buy a portfolio of photovoltaic power assets in Spain worth about 200 million euros ($214.52 million), Spanish newspaper Expansion reported on Monday, citing unidentified market sources.
The Chinese utility as agreed to buy photovoltaic projects from Nexwell Group, a fund with renewable power assets around the world, with capacity of 619 megawatts (MW), the newspaper said.
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China Three Georges entered Spain in August 2020 when it announced the acquisition of 13 Spanish solar plants built by Madrid-based renewables company X-Elio.
Nexwell and China Three Gorges did not respond immediately to requests for comment.
With its sunny plains, fast-flowing rivers and windy hillsides, Spain aims to produce 67% of its electricity from renewables by 2026. Power companies from all over the world are investing in the country to build the infrastructure to reach that goal.