China's Three Gorges to buy 500-MW Spanish PV portfolio

Barcelona — China Three Gorges Europe is to buy a portfolio of 500 MW of operating solar PV power plants in Spain from local developer X-Elio, the companies announced Aug.19.

The move will enhance CTGE's presence in Europe to build on its position in Portugal, Germany, the UK and Greece.

It will be the company's first move into the Spanish market and follows a recent deal in which Portugal's EDP, which is 23% owned by CTGE, agreed to buy a portfolio of 511 MW of renewable installed capacity in Spain and Portugal from Macquarie.

"We believe Spain is the biggest solar market and we are happy and willing to contribute to the energy transition in Spain," CTGE Chairman Wu Shengliang said. The groups did not disclose a price for the deal.

The companies did not say which plants were included in the deal, but said they are new developments constructed between 2019 and 2020, which would mean they include the 455 MW of capacity X-Elio was awarded in a government-held auction in 2017.

This includes four plants in Andalucia, two in Castile La Mancha, two in Extremadura and two in Murcia.

The transaction is still pending regulatory approvals and is expected to be completed in the second half of 2020, the companies said.

X-Elio said it would continue its strategy of adding capacity in its home market, where it has over 2 GW of solar projects at various stages of development.