The Chinese state-owned company Three Gorges (CTG) has been hovering over the Spanish renewable energy sector for months and has now fully landed. Last August it closed its first operation in Spain with the purchase of 500 MW of solar assets from X-Elio, the Brookfield and KKR renewables company. And now it has created a subsidiary in Spain, China Three Gorges (Spain) S.L, to directly manage its investments in the country. According to the Official Gazette of the Commercial Registry (BORME), the energy giant’s subsidiary in our country started its activity on October 28th.
In August, CTG purchased from X-Elio 13 plants totalling 500 MW. CTG is also the main shareholder of EDP in Portugal, with 23.27% of its capital. A little over a year ago, the Portuguese company ended up blocking the takeover bid the Chinese state-owned company intended to launch. The operation raised serious concerns in the US, in line with the White House policy of expelling Chinese multinationals from Europe.
Now, together with Naturgy and the Canadian pension fund CPPIB-Q-Energy, the biggest hydroelectric plant in the world is bidding for T-Solar, the former renewable energy division of Isolux Corsán, in the operation to sell the US venture capital firm I-Squared.
CTG has appointed Basque executive Ignacio Herrero as the main manager of its Spanish subsidiary. Herrero is currently Vice-Chairman of GTG Europe and has also been representing the company on EDP’s Board of Directors for the last two years.