China Three Gorges to acquire a portfolio of more than 500 MW of solar assets in Spain from X-Elio for $591m.

China Three Gorges, a Chinese state-owned power company, agreed to acquire a portfolio of more than 500 MW of solar assets in Spain from X-Elio, a company specialized in the development, construction, financing and operation of photovoltaic plants, for $591m. "We are very pleased to announce this agreement with China Three Gorges Europe. They are one of the largest operators of power plants in the world. The Spanish Government’s renewable objectives are going to be critical to revitalize the Spanish economy through jobs creation and improvement of the competitiveness of energy costs after the current Covid-19 crisis. These policies are clearly increasing the appetite from top tier international power generation investors like CTGE. X-ELIO will continue developing solar projects in Spain like we have been doing for 15 years when we connected our first power plant in Murcia," Lluis Noguera, X-Elio CEO.