X-ELIO sells its portfolio of 13 solar PV plants in Spain totalling 500 MW to China Three Gorges Europe

Spanish solar developer X-ELIO announced that China Three Gorges Europe has reached an agreement to acquire its portfolio of 0,5 GW of solar PV power plants in Spain.

The transaction between China Three Gorges Europe, which is part of China’s state-owned utility China Three Gorges Corporation (CTG) and X-ELIO is still pending on customary regulatory approvals and is expected to be completed in the second half of 2020.

The power plants acquired by China Three Gorges Europe are new developments constructed between 2019 and 2020. With this acquisition China Three Gorges Europe (CGTE) will enhance  its  presence in Europe in addition to its investments in Portugal, Germany, the UK and Greece.

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

Mr Wu Shengliang, Chairman of China Three Gorges Europe 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.”

Source: Press Release by X-ELIO. Photo credit: © X-ELIO.