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Three Gorges to Buy Billionaires’ Spanish Renewable Portfolio

  • State-owned Chinese firm continues acquisition drive in Europe
  • Deal includes more than 400 megawatts of operational plants
A worker alters the angle of a solar panel at a solar power plant operated by Ingeneieria y Electricidad Rodriguez SL in Villanueva de los Infantes, Spain.

Photographer: Angel Navarrete/Bloomberg

China Three Gorges Corp. agreed to buy Spanish renewable assets from a group of billionaires, as the Chinese energy giant seeks to double down on the southern European country.

State-owned Three Gorges will acquire 100% of a portfolio of more than 400 megawatts of operational plants from a consortium led by Corporacion Masaveu, backed by the wealthy Spanish family of the same name, it said in an emailed statement received Monday. The assets include 11 wind farms and one solar plant, according to the statement.