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China Three Gorges gets hands on 619 MW of Spanish solar

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

The Chinese enterprise is said to have beaten large entities, among them utility Naturgy Energy Group SA (BME:NTGY) and construction company Ferrovial SA (BME:FER), in Nexwell’s competition process for the assets.

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

Media sources say the portfolio includes 153 MW of operational solar farms, 52 MW under construction and the remainder in the shovel-ready stage.

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


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