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China Three Gorges Europe acquires a portfolio of more than 500 MW of solar assets in Spain

The group has agreed to acquire a portfolio of 13 solar PV plants showing its commitment on generating sustainable energy in the country

  • Through this transaction, China Three Gorges Europe will enter Spain, one of the largest solar markets in the world.
  •  The assets have been purchased from X-ELIO, which after the transaction will maintain a presence in its home market of over 2.0 GW.
  •  X-ELIO is fully committed to the Spanish solar PV market where it operates through projects that create employment and support sustainable development through clean energy.

China Three Gorges Europe (CTGE) has reached an agreement to acquire a portfolio of 0,5 GW of solar PV power plants in Spain. The move will enhance CTGE’s presence in Europe in addition to its investments in Portugal, Germany, the UK and Greece. The power plants acquired by CTGE are new developments constructed between 2019 and 2020.

This agreement has been reached between CTGE and X-ELIO, a global leader specialized in the development, operation and maintenance of solar PV energy projects.

The deal invigorates the Spanish energy market, and portrays a growing interest from international investors, attracted by the quality of assets, an interesting business landscape and a favorable legal framework.

The transaction is still pending on customary regulatory approvals and is expected to be completed in the second half of 2020.

Spanish based company X-ELIO remains committed to continue growing its presence in its home market. After this agreement, the company will maintain over 2.000 MW throughout different solar projects in different stages of development. These figures confirm the company’s contribution to the Spanish agenda towards renewable targets and sustainability with plans that will create employment in the different regions where X-ELIO has activity.

In addition to its presence in Spain, X-ELIO has assets in operation and/or construction in USA, Mexico, Honduras, Chile, Italy, Japan and Australia.

Mr Wu Shengliang, Chairman of CTGE said: “This represents a landmark transaction for CTG, as solar PV is a strategic pillar of our strategy and representing our first direct investment in Spain. We believe Spain is the biggest solar market and we are happy and willing to contribute to energy transition in Spain. We are excited to complete this transaction with X-ELIO, which has a global presence, and will consider future opportunities to grow our platforms.

Mr Lluis Noguera, X-ELIO’s CEO said: “We are very pleased to announce this agreement with China Three Gorges Europe. They are one of the largest operators of power plants in the world. The Spanish Government’s renewable objectives are going to be critical to revitalize the Spanish economy through jobs creation and improvement of the competitiveness of energy costs after the current COVID-19 crisis. These policies are clearly increasing the appetite from top tier international power generation investors like CTGE. X-ELIO will continue developing solar projects in Spain like we have been doing for 15 years when we connected our first power plant in Murcia.

About China Three Gorges Europe:

China Three Gorges Europe is part of CTG Group, which is the largest clean energy group in China and the largest hydropower enterprise in the world, with a consolidated installed capacity of over 75 GW, over 26,000 employees worldwide and total assets of US$120 bn. CTG Group’s business is focused on hydropower development, operation and distribution, as well as renewables generation in China and overseas, including onshore and offshore wind as well as solar energy. CTG Europe is the controlling entity of CTG’s investments in Portugal, Germany, the UK and Greece. CTG Europe is the largest shareholder of EDP and has heavily invested in other clean energy generation platforms in Europe and is actively seeking for growth opportunities internationally.

About X-ELIO:

X-ELIO (www.X-ELIO.com) is a company specialized in the development, construction and operation of solar plants with a global presence: Europe (Spain, Italy), United States, Mexico, Chile, Japan and Australia among others. In 2018 it achieved a revenue in excess of €130M. The firm has accumulated experience in the construction of solar plants of more than 2GW, it currently has 23 PV plants in operation in 13 countries. The group is a global leader in renewable and sustainable energy, with a strong commitment to the reduction of greenhouse gases and the fight against climate change.

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