Leading international law firm Clifford Chance has advised China Three Gorges (Europe) S.A. (CTG Europe), a subsidiary of China Three Gorges Corporation (CTG), on the financing for CTG’s acquisition of a 572 MW Spanish solar plant portfolio owned by Madrid-based, Canadian-U.S.-controlled developer X-Elio. The acquired portfolio of assets consists of 13 solar power plants.
CTG is one of China’s biggest renewable energy developers, and through this transaction becomes the first Chinese energy company to enter the power generation market in Spain.
Commenting on the transaction partner Vicky Ma said, “We are delighted to assist CTG on this landmark transaction for them. This is the one of the first major investments which achieved closing since a Comprehensive Agreement on Investment was agreed in principle between China and the European Union on 30 December 2020. We are pleased to assist Chinese and European investors to benefit from this unprecedented access to both markets.”
Vicky led a cross-border team consisting of senior advisor Yi Wang (Luxembourg), project lawyer Eugenio Fernández-Rico (Madrid) and legal assistant Lei Zhong (Hong Kong). They were supported by partners George Kleinfeld (Washington) and Terry Yang (Hong Kong), associate Jane Chen (Beijing), counsel Dunja Pralong–Damjanovic (Luxembourg), jurist Judith Smadja (Luxembourg), and registered foreign lawyer Weisiyu Jiang (Hong Kong).
