Chinese state-owned power company China Three Gorges (CTG) has agreed to buy 13 Spanish solar plants with a total capacity of more than 500MW from Madrid-based renewables developer X-Elio.
The PV arrays were constructed between 2019 and 2020, and are fully operational, X-Elio said, adding that the deal was signed last Friday.
Spanish media reports said that CTG was paying around €500m ($596m) for the solar assets.
“This represents a landmark transaction for CTG... our first direct investment in Spain,” CTG chairman Wu Shengliang said. “We believe Spain is the biggest solar market and... will consider future opportunities to grow our platforms.”
The statement said the transaction would be finalised by the end of this year.
CTG is one of China’s biggest renewables developers, with an increasing footprint in the offshore wind sector. It has grabbed more than 7GW in the huge offshore wind pipeline planned off China, and is a pioneer in plans for floating wind off the nation’s coasts.
Like other large Chinese groups, CTG is also eyeing international expansion, including through an unsuccessful takeover bid last year for full control of Portuguese utility EDP. CTG is EDP’s largest shareholder with a 23.3% stake.
Research from industry body SolarPower Europe forecast the booming Spanish market might add up to 19.5GW of new PV by 2023 and is among the top seven PV markets globally, driven by supportive policies and opportunities for corporate renewable power-purchase agreements.
X-Elio is a 50-50 joint venture between Canada's Brookfield Renewable Partners LP ( and US private equity major KKR & Co Inc.