On November 13, 2021, Three Gorges International, a subsidiary of Three Gorges Group, signed an agreement with EDP Renováveis, a subsidiary of Portuguese Electric Power, to acquire 100% equity of Flores onshore wind power project in Spain, with a total installed capacity of 181.000 kW.

There are 12 wind farms in Flores onshore wind power project in Spain, distributed in Andalucia autonomous region in the south of Spain and Catalonia autonomous region in the northeast of Spain. The average operation time of the project started from 2009, and it has been in good condition since it was put into operation. The vast majority of power stations have the 20-year Spanish regulatory electricity price mechanism. The project income is less affected by power generation and electricity price, with stable cash flow and strong predictability.

Ignacio Herrero, CEO of Three Gorges International Europe, pointed out that the transaction reflects the Three Gorges Group’s commitment to deeply cultivate the Iberian market and its support for Spain’s energy transformation. He said that Spain is one of the most potential renewable energy markets in Europe and has a solid and stable regulatory policy. In the future, Three Gorges International Europe will continue to explore investment opportunities and continuously optimize the investment platform.

Three Gorges International Europe Co., Ltd. is actively promoting the delivery of Flores project in Spain. At present, it has submitted the review documents of foreign investment in Spain. After the acquisition, the total installed capacity of Three Gorges Group in Spain will increase to 1.16 million KW, which will further consolidate its position in the renewable energy industry in Spain.

Source: Three Gorges group

Edited and translated: Following The Wind