China Three Gorges Spain (CTGS) will acquire 619 megawatts of solar photovoltaic assets across the regions including Andalucia, Castilla-La Mancha, Comunidad Valenciana and Extremadura.

The sellers are Nexwell Power and its strategic partner, Ibox Energy, both units of the Nexwell Group, an investment group focused on scaling long-term sustainable and impactful decarbonization initiatives.

CTGS will acquire two operational solar PV assets with a total 153MW capacity and a 52MW under-construction project, while its agreement with Ibox Energy is for three late-stage development assets totalling 414MW, which are expected to become operational over the next few years.

The transaction, which is being led and managed by the Nexwell Group, also provides for Nexwell Power to deliver the construction of roughly half of the assets under development.

“We view Spain as one of the most attractive and well-regulated solar markets in Europe, and we believe the Nexwell and Ibox projects are among the highest-quality assets in the market," comments CTG Europe chief executive officer Ignacio Herrero.  "Today’s 619MW acquisition will be transformational for CTGS, bringing our total solar PV presence in Spain to just over 1GW for the coming years, a strong complement to CTG’s global wind and hydro portfolio.”

Nexwell Group chairman Pablo Pulido describes the deal with CTG as a landmark transaction which will be the beginning of a long-term relationship, holding tremendous potential for the future.

China Three Gorges Spain is part of CTG Europe, a subsidiary of CTG Group, which is the largest clean energy group in China and the largest hydropower enterprise in the world. It has a consolidated installed capacity of 87.6GW and total assets of US$148 billion.

CTG Europe, a strategic partner of EDP, has heavily invested in other clean energy platforms in Spain, Portugal, Germany, the United Kingdom and Greece, and is actively seeking growth opportunities internationally.

In Spain, CTGS currently owns and operates a portfolio with an aggregated installed capacity of 977MW, including 576MW of solar PV assets.