China Three Gorges Europe (CTGE) has reached an agreement to acquire operational wind and solar farms in Spain with a combined capacity over 400MW.
The deal, for which the price has not been disclosed, is with Corporacion Masaveu, Korys Group, Exus Management Partners and a group of Portuguese minority investors.
The transaction is still pending on customary regulatory approvals and is expected to be completed before the end of the second quarter of 2021.
CTGE said the move will enhance its presence in Europe in addition to investments in Portugal, Germany, the UK and Greece, as well as Spain.
The projects are entitled to the Spanish regulated remuneration regime.
Law firm Allen & Overy advised the sellers, while Linklaters acted as the local legal firm for CTGE.
FTI Capital Advisors acted as M&A advisor to CTGE.