China Three Gorges closes purchase of 450 MW of wind, solar in Spain

China Three Gorges (Europe) SA (CTGE) has finalised the acquisition of a 450 MW of renewables across two portfolios in Spain, asset management firm Exus Management Partners announced on Monday.

The buyer, part of Chinese state-owned clean energy giant China Three Gorges Corporation, paid EUR 500 million (USD 586.4m) to become the sole owner of 11 wind farms and one solar PV park. The plants are all tucked under the Cefiro and Windrose portfolios located in the Spanish region of Castile and Leon.

Exus said it had facilitated the financial close of the sale on behalf of its Spanish and Belgian clients, who owned the majority of the portfolios before CTGE came in.

Spanish family business group Corporacion Masaveu owned 100% of Cefiro and 60% of Windrose. Korys, the investment company of Belgian family-owned retail corporation Colruyt Group, held 30% in Windrose, while the remaining 10% was in the hands of minority shareholders, Exus said.

Exus managed the assets across all sites, and will retain the role of asset manager going forward, the firm added.

The CTG Corporation and the Masaveu group are both shareholders in Portuguese electric utility group EDP - Energias de Portugal SA (ELI:EDP).

(EUR 1.0 = USD 1.173)

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