July 17, 2020 / 7:12 AM / in a month

China Three Gorges in talks to buy Spain's X-Elio, Expansion says

MADRID (Reuters) - Chinese utility China Three Gorges Corp. opened talks to buy Spanish photovoltaic power generation company X-Elio, the newspaper Expansion reported on Friday, citing unidentified financial sources.

A deal would value the company, which is owned by two private equity funds, KKR (KKR.N) and Brookfield, above 500 million euros (£453.53 million), the newspaper said.

Power companies in Spain have been attracting foreign investment in past months. Portuguese utility EDP Energias de Portugal (EDP.LS), partly owned by China Three Gorges Corp., announced this week the acquisition of Spanish electricity firm Viesgo in a deal worth 2 billion euros.

Officials at X-Elio and KKR did not immediately respond to emails and calls seeking comments.

Reporting by Inti Landauro; Editing by Edmund Blair

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