Page 16 - AsiaElec Week 46 2021

AsiaElec NEWS IN BRIEF AsiaElec

WIND Azzouzi and José Luis Zamarro in Spain. measures, as per the usual process.
All funds are to be allocated to generators
EDPR sells 181MW wind included in China’s list of projects, with
priority given to national PV projects that
portfolio to China Three SOL AR are alleviating poverty and so-called ‘Top
Runner’ projects confirmed by China’s central
Gorges for €307m China sets initial 2022 solar government.
Half of the total subsidy payable to these
Spanish renewable energy company EDP subsidy pot at $357.2m projects is to be allocated by the end of this
Renováveis has sold a 181MW wind farm year.
in Spain to Chinese energy company China China has revealed its initial subsidy limits for Other projects, including distributed
Three Gorges for €307m. existing renewables projects in 2022, however systems up to and including 50kW in size and
The deal consists of 12 wind farms in it remains to be seen whether the funding is to projects determined by competitive bidding
Spain, operating under Spain’s regulated be topped up. tendered by 2019 will have subsidy allocated
remuneration regime. The average age of the Earlier this week China’s Ministry of proportionally.
wind farms is 12 years old. Finance set out its first tranche of funding
The divestment is part of EDPR’s €8bn for existing renewable projects for the
asset rotation programme, of which the forthcoming year, making RMB3.87bn
company has now generated €2.6bn in ($607.3mn) available. Of that total, RENEWABLES
proceeds, as part of its plan to reinvest capital RMB2.28bn ($357.2mn) has been set aside for
in profitable growth. EDPR is a subsidiary solar PV projects, with RMB1.55bn available Sembcorp acquires 98%
of the Portuguese energy company Grupo for wind.
Energías de Portugal. At RMB2.28bn, the rate available in 2022 stake Chinese wind, solar
King & Woods Mallesons advised EDPR is a marked decrease – down 32.6% – on the
on the sale, led by Roberto Pomares, a partner RMB3.384bn made available for projects last portfolio for $517mn
in the firm’s M&A practice. KWM has been year. However, it is as yet unclear whether the
advising EDP on its main transactions in the finance ministry intends for this to be the full Singapore-based renewable energy company
Iberian market for the last 15 years, including sum available in 2022 or whether the pot will Sembcorp Industries, through its 100%
its recent acquisition of Viesgo and the be topped up at a later date. subsidiary Sembcorp Energy (Shanghai), has
formation of Ocean Winds, an offshore wind A note issued by the finance ministry acquired a 98% stake in a 658 MW portfolio
energy JV with French energy company Engie. establishes the priority for subsidies to be of operational wind and solar photovoltaic
China Three Gorges was advised by paid by power grid companies in the country (PV) assets from GCN Capital Partners
Clifford Chance, including partners Samir according to official fund management Infrastructure Fund III and its affiliates for

P16 www. NEWSBASE .com Week 46 17•November•2021