BEIJING -- The world's leading hydropower developer and China's largest clean energy group, China Three Gorges Corporation (CTG), took a fresh step in exploring the European clean energy market.
The CTG signed a cooperation agreement on investing an offshore wind power project with Blackstone Group and WindMW GmbH, witnessed by Chinese Premier Li Keqiang and his German counterpart Angela Merkel in Beijing on June 13.
Blackstone transferred 80 percent of its shareholding in WindMW to the CTG after a competitive bidding. WindMW owns Meerwind, one of Germany's largest offshore wind farms.
The Meerwind project is located at the German Bright of the North Seas, 53 kilometers far from the coast, with 28.8 kilowatts of installed capacity. It was put into operation in February 2015.
The price of the deal was not disclosed. However, a report from Bloomberg citing a source familiar with the matter said it was priced at 1.7 billion euros (about 12.6 billion yuan).
The acquisition is expected provide the CTG a platform for developing overseas offshore wind power market but will also bring world-class experience, technology and standard to the group.
Germany is one of the leading offshore wind power markets in the world. The country's 330 kilowatts offshore wind power installed capacity ranked at the second place in the world.
Through the transaction, the CTG will also obtain WindWM's team of 79 professionals of, and it will be responsible for development, construction and operation of the project.
As China's wind power market is reaching the bottle neck, the CTG has started to put its eye on the overseas market. The transaction is CTG's second keynote overseas acquisition this year, after its 3.7 billion U.S. dollar acquisition of two operating hydropower projects in Brazil.
Moreover, in October 2015, the CTG and Energias de Portugal signed an agreement to jointly invest 4 billion pounds to develop Britain's Moray offshore wind power project.
By the end of 2015, the CTG has total of 600 kilowatts installed capacity in China, and it's actively developing wind power, solar power and other new energy business.
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