Hydropower operator looks to third-party opportunities
China Three Gorges Corp, which built and now operates the world's largest hydroelectric power plant - at Three Gorges Dam - is looking forward to further cooperation with Portugal to jointly tap the potential of third-party markets.
In addition to the 950-megawatt Moray offshore wind project in Scotland that CTGC and Portuguese power company Energias de Portugal will jointly explore, the Beijing-based company said it looks forward to more exploration of third-party markets around the world.
The two sides have made significant progress in third-party markets since a strategic partnership was established in 2011. The companies aim to further combine efforts to become a worldwide leader in renewable energy generation.
Hoping to further diversify its business beyond hydropower and become a leader in China's offshore wind power sector, China Three Gorges has been constructing offshore wind power projects in Fujian, Jiangsu, Liaoning and Guangdong provinces.
The partnership has been strengthening EDP's credit profile, allowing the company to diversify growth opportunities while boosting globalization of its Chinese partner and bringing in more talent, said Lei Mingshan, chairman of China Three Gorges.
Analysts believe Chinese companies' cost-control abilities provide advantages in exploring clean energy markets abroad.
Chinese clean energy companies have been expanding their presence overseas. Their wide-ranging know-how of hydroelectric plants and their experience in the field are second to none, said Joseph Jacobelli, a senior Asian utilities analyst at Bloomberg.
Under the current cooperation between Portugal's EDP and China Three Gorges, the latter aims to become a world-class clean energy group by using its technological and industrial advantages, it said.
EDP, one of Portugal's largest business groups, ranking among Europe's top power companies, led a delegation to Chongqing last year to provide technical and marketing suggestions to Liangjiang Changxing Electric Power Co.