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China Three Gorges buying 12 EDP Renováveis wind farms

An arm of electricity company Energias de Portugal (EDP), EDP Renováveis, will sell 12 wind farms in Spain to the biggest shareholder in EDP, China Three Gorges Corp. (CTG), for 307 million euros (about US$349.3 million), EDP Renováveis says.

The wind farms have a combined capacity of 181 megawatts, each is 12 years old, on average, and they are covered by a Spanish remuneration scheme, EDP Renováveis announced in writing on Monday.

The company says the sale requires the permission of the regulators.

EDP Renováveis has already sold assets worth 2.6 billion euros as part of its programme of deals, together worth 8 billion euros, to raise capital for reinvestment, the company says.

Chinese state-owned CTG agreed in 2011 gradually to acquire EDP assets, particularly renewable energy assets, and last year it owned 21.55 percent of EDP stock.