Three Gorges Leads Bidding for X-Elio Spanish Assets

China Three Gorges Corp. is emerging as the leading bidder for Spanish solar park assets owned by X-Elio Energy SL, in what could become one of the few Chinese acquisitions in Europe this year, people familiar with the matter said.

The state-owned firm is in advanced talks to acquire 13 photovoltaic power stations from X-Elio after edging out other potential buyers, the people said. The assets could be valued at 500 million euros ($571 million) to 600 million euros, the people said, asking not to be identified because the matter is private.