Chinese government owned hydropower giant China Three Gorges Corporation (CTG) is ambitiously expanding into the renewable energy space in the rest of the world. After entering Spain renewable energy sector in August 2020 with the acquisition of 500 MW operational solar power capacity from X-Elio, the company has now shopped for assets in Middle East and North Africa (MENA) region (see Three Gorges To Acquire 500 MW Solar From X-Elio).
According to the deal reached, CTG's Asian renewable energy subsidiary China Three Gorges South Asia Investment Ltd (CSAIL) has acquired the legal entity which owns and operates Alcazar Energy Partners' (AEP) portfolios in Egypt and Jordan, with other consortium members. AEP is a Dubai headquartered independent renewable energy developer and producer.
With this acquisition, CSAIL has acquired a portfolio of 411 MW wind and solar energy projects across the 2 nations, enabling it to extend its business laying foundation for its 'future expansion' in the region. CSAIL hopes to use this transaction to gain access to new markets and explore further business opportunities across the wider MENA region.
CSAIL counts the International Finance Corporation (IFC) and Chinese government's Silk Road Fund among its shareholders. The IFC is also an investor in the AEP, along with Mubadala Infrastructure Partners.