China Three Gorges Spain acquires a 619MW solar portfolio from Nexwell Power and Ibox Energy
Madrid, 13th June 2022. The portfolio comprises 27 Solar PV plants mainly located in the South of Spain. The plants are organized into clusters, which are in different development stages: operating, under construction, and in advanced development. This transaction is CTG Spain’s first acquisition of greenfield assets. With this deal, the company continues to deliver on its industrial commitment with the Spanish policy framework for energy transition and decarbonization.
China Three Gorges Spain (“CTGS”) has reached an agreement to acquire 619MW of solar PV assets from Nexwell Power and its strategic partner, Ibox Energy, both units of the Nexwell Group, a purpose-driven investment group focused on scaling long-term sustainable and impactful decarbonization initiatives. The assets acquired by CTGS are located in the South of Spain, in regions including Andalucía, Castilla-La Mancha, Comunidad Valenciana and Extremadura.
Under its agreement with Nexwell Power, CTGS will acquire two operational solar PV assets (totaling c.153MW) and one under-construction asset (c.52MW), while its agreement with Ibox Energy is for three late-stage development assets totaling c.414MW, that 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.
Mr. Ignacio Herrero, CEO of CTG Europe said: “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. 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. We look forward to working with such a professional team and organization to deliver on this transaction and tackle new challenges and opportunities in the energy transition.”
Pablo Pulido, Chairman of Nexwell Group, commented, “When we started Nexwell and formed Ibox with our partner Cox Energy, we sought to develop, build and operate a high-quality portfolio of assets on the same level as Sonnedix, a company we co-founded in 2009. Now, only 3 years since its inception, we have the great privilege of making our first asset rotation to CTG, the world’s foremost renewables owner. We continue our commitment to decarbonize the planet and support our local communities through the delivery and construction of these assets for the long-term, together with our technical, financial and construction partners. This landmark transaction with CTG Spain is the beginning of a long-term relationship which has tremendous potential for the future.”
Media Contacts:
Nexwell Power
jsolis@nexwellpower.com
Javier Solis: +34 608 52 85 68
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, with a consolidated installed capacity of 87.6 GW, over 26,000 employees worldwide and total assets of approximately US$ 148 bn. CTG Europe is the strategic partner of EDP and has heavily invested in other clean energy generation platforms in Spain, Portugal, Germany, the UK and Greece, and is actively seeking for growth opportunities internationally. In Spain, CTGS currently owns and operates a portfolio with a total aggregated installed capacity of 977MW, of which 576MW correspond to solar PV assets.
Nexwell Power, an institutional-grade platform of Nexwell Group, is a next generation IPP focused on developing and operating flexible renewable infrastructure assets to address customer needs.
The Nexwell Group is an investment group that focuses its human and financial capital on long-term sustainable initiatives that have a measurable impact on decarbonizing the planet. Nexwell understands that healthy investments are a result of nurturing one’s community, the environment, and the bottom line. The Group’s mission is to accelerate climate change solutions. Nexwell Power is the Group’s second investment platform.
