Three Gorges is a Chinese government company.
From Renewables Now:
China Three Gorges (Europe) SA has reached an agreement to buy a portfolio of more than 400 MW of operating renewables in Spain, Spanish news agency Europa Press reported citing sources close to the transaction.
A consortium led by Corporacion Masaveu SA, a Spanish nearly 200-years-old family-owned business group, is said to have arranged the sale of two vehicles holding the assets for some EUR 500 million (USD 607.7m), the report states.
The portfolio contains one solar photovoltaic (PV) park and 11 wind farms, all operating under a regulated payment mechanism and collecting a premium, Spanish newspaper El Confidencial has learned.
Belgian family-owned retail corporation Colruyt Group and several Portuguese investment firms are also taking part in the transaction alongside the Masaveus, said El Confidencial. With China Three Gorges being a non-EU business, the deal will need the green light from the Spanish government -- a new rule that Spain introduced last year to prevent foreign investors from taking advantage of the COVID-19 crisis to buy large stakes in companies in strategic sectors, such as energy and defence.
The Chinese power company and the Masaveu group are both shareholders in Portuguese electric utility group EDP - Energias de Portugal SA (ELI:EDP)....
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