China Three Gorges analyses new acquisitions in Brazil

6 July 2016

Chinese state group China Three Gorges (CTG) plans to invest in wind and solar power plants in Brazil, having spent more than 15 billion reais (US4.5 billion) to acquire hydroelectric power plants, said the head of the group in Brazil.

Li Yinsheng told Reuters news agency that the group, which opened an office in Brazil in 2013, has been assessing several acquisition opportunities and may even “make its debut in these new renewable sources of electricity within a year.”

To date CTG has acquired stakes in hydroelectric and solar projects owned by EDP – Energias do Brasil, of the EDP – Energias de Portugal group and two hydro plants owned by Triunfo Participações e Investimentos, in addition to hydroelectric plants belonging to Companhia Energetica de Sao Paulo (CESP).

“The first two years were focused on hydropower, but we started to look more closely at renewable energy and may even conclude a deal in this area within a period ranging from six months to a year,” said Li.

Last week CTG took control of operating two of CESP’s hydroelectric facilities 5 gigawatts of power. CTG is now the seventh largest power producer in Brazil, with almost 6 gigawatts in operation. (macauhub/BR/PT)