China apprenticed to Portugal's EDP for clean energy General,  Company 2017-08-18 09:26:00

China Three Gorges (CTG), a Chinese state-owned energy company, bought 49% of Energias de Portugal (EDP) 's share of Portugal's largest wind farm cluster for 248 million euros ($290 million) at the end of June, and is planning further investments largely aimed at helping China to gain technological know-how.

The wind farms, with total designed installed capacity of 422 MW per annum, are the latest in a string of deals that have followed CTG's acquisition of a 21.35% stake in EDP in a 2.7-billion-euro deal.

The agreement also established a strategic partnership between the two companies, including a deal to invest an additional 2 billion euros in joint investments -- which has largely involved asset sales by the highly-indebted Portuguese utility.

CTG has bought 50% of EDP's hydropower business in Brazil, as well as stakes in wind farms in Italy, Poland and the U.K. The two companies agreed last year to pursue further joint investments worth 1.5 billion euros.

"Chinese companies are not sleeping on the job," said a leading researcher in clean energy development in Portugal, "EDP is one of the companies with more wind assets in the world and we've come a long way in developing know-how."

Portugal has one of the highest rates of renewable energy penetration in Europe, running for four days last year solely on clean energy sources. The challenge of managing distribution and transmission grids is prompting industrial and scientific innovation.

The researcher said that Chinese energy companies are not looking for profit in Portugal, but for a technology leap. "They can save 20 to 25 years -- it makes sense. Chinese investors are getting ahead on the learning curve with these companies," he added.

(Writing by Alex Guo  Editing by Harry Huo)
For any questions, please contact us by or +86-351-7219322.

Share this article
Connect with us

Editor's Pick

1 Shanxi coking coal prices regain momentum 2021-10-18

Primary coking coal prices regained upward momentum in Shanxi at the start of the week, backed by rebounding demand from coking plants, while blending coking coal continued strong gains in the top pro

2 China Coal Daily Track (Oct 18) 2021-10-18

Thermal coal Production area More coal mines reduced or halted sales to spot buyers to ensure supply, while other mines embraced robust demand from traders non-power sectors amid low coal avail

3 Weekly China coking coal market analysis and forecast 2021-10-18

China's coking coal market regained strength during the past week, as supplies of blending coals such as meager lean coal and gas coal declined as miners prioritized thermal coal supplies to power pla

4 China Jan-Sep natural gas output rises 10.4% YoY, NBS 2021-10-18

China's natural gas output totaled 151.8 billion cubic meters during January-September, up 10.4% from a year ago, data from the National Bureau of Statistics showed on October 18.

5 China's coke output extends decline in Sep 2021-10-18

China's coke output fell 9.6% year on year to 37.18 million tonnes in September, with the decline deepening by 4.6 percentage points compared with the preceding month, according to data released by th

6 China's cement production rises 5.3% YoY in Jan-Sep, NBS 2021-10-18

China's cement production rose 5.3% from a year ago to 1.78 billion tonnes over January-September, showed the latest data from National Bureau of Statistics (NBS). China produced 210 mill

7 Anhui Jan-Sep raw coal output hits a new high of 82.60 Mt 2021-10-18

Raw coal productionin eastern China's Anhui province hit a new high of 82.60 million tonnes as of end-September, as coal miners stepped up coal production amid supply crunch and strong demand.

8 China's Sep coal output slides 0.9% YoY on higher safety pressure 2021-10-18

China's coal production ticked down 0.9% year on year in September despite China's push to raise coal supply and ease energy woes, as safety watchdogs exerted higher pressures on coal mines at main pr

9 China's crude steel output falls 21.2% YoY in Sep 2021-10-18

China's crude steel output dropped 21.2% from a year earlier to 73.75 million tonnes in September, declining for the fourth month in a row, showed data from the National Bureau of Statistics.

10 China Sep power generation up 4.9% on yr 2021-10-18

China's power generation in September registered a 4.9% rise year on year, mainly driven by a rise of 5.7% in thermal power output despite a 0.3% fall in hydropower. The country produced

Most Read Articles

1 China to fully liberalize pricing for coal-fired electricity 2021-10-12

China will fully liberalize pricing for coal-based electricity as part of a drive to deepen market-oriented pricing reform in the sector, the top economic planner said on October 12 on its website.

2 Russia's Suek declares force majeure on fire 2021-10-13

Russia's largest coal producer Suek declared force majeure on the operation at the Far East port Vanino on October 12, as a result of a fire a day earlier. The fire occurred at Vanino Bul

3 Most rain-impacted coal mines recover production in Shanxi 2021-10-12

Shanxi saw 56 coal mines out of the 60 suspended mines caused by heavy rain and flood resume production, which had little impact on long-term contract coal supply promised by the coal-rich province, t

4 China Sep coal imports soar 76.07% on yr, GAC 2021-10-13

China's coal imports jumped 76.07% from a year ago and rose 17.22% from August to 32.88 million tonnes in September, showed data from the General Administration of Customs (GAC).

5 China's spot coal prices surge as long-term contract supply squeezes spot release 2021-10-12

Spot thermal coal prices kept surging at northern China ports after the National Day holiday, as cargoes released into the spot market has been squeezed by long-term contract supply under the governme

6 China's thermal coal prices move higher; supply-demand mismatch eases 2021-10-13

China's thermal coal prices kept moving higher on October 13 at northern transfer ports, mainly due to persistent supply tightness, but the imbalance between supply and demand has eased to some extent

7 Indonesian thermal coal prices jump higher amid solid Chinese demand 2021-10-14

Indonesian thermal coal prices posted big rises on October 14, supported by robust demand and positive bids from Chinese buyers. Offer prices were generally seen above $150/t FOB for Pana

8 China orders over 170 Mt of new contract coal to ease supply crunch 2021-10-12

China has ordered its top three coal-mining regions – Shanxi, Inner Mongolia and Shaanxi – to ramp up coal production in a bid to ease supply crunch and power crisis. According to Sxcoal'

9 Shaanxi orders key mining area to halt coal mines after a cave-in accident 2021-10-12

The provincial government of northwestern China's Shaanxi has ordered all coal mines in Binchang mining area to halt operations after cave-in accident at a local coal mine caused four deaths on Octobe

10 China's coal imports rise sharply even in shoulder season 2021-10-14

China logged a robust year-on-year increase in coal imports in September, normally a shoulder month ahead of winter peak demand, despite high import prices and government efforts to boost domestic sup