China Three Gorges buys Spanish solar capacity, Expansion reports

MADRID (Reuters) - China’s state-owned China Three Gorges has agreed to buy a portfolio of photovoltaic power assets in Spain worth about 200 million euros ($214.52 million), Spanish newspaper Expansion reported on Monday, citing unidentified market sources.

The Chinese utility as agreed to buy photovoltaic projects from Nexwell Group, a fund with renewable power assets around the world, with capacity of 619 megawatts (MW), the newspaper said.

China Three Georges entered Spain in August 2020 when it announced the acquisition of 13 Spanish solar plants built by Madrid-based renewables company X-Elio.

Nexwell and China Three Gorges did not respond immediately to requests for comment.

With its sunny plains, fast-flowing rivers and windy hillsides, Spain aims to produce 67% of its electricity from renewables by 2026. Power companies from all over the world are investing in the country to build the infrastructure to reach that goal.

($1 = 0.9323 euros)

Reporting by Inti Landauro and Christina Thykjaer; Editing by David Goodman