CGN European Energy Company and Belgium's Windvision entered into an equity transfer agreement regarding the Esperance project, pursuant to which CGN successfully acquired 100 percent equity interests in the project on Sept 29.
Belgium's Esperance project has a total capacity of 81 megawatts (MW), which is the largest operating onshore wind farm in Belgium. This acquisition marks a new step taken by CGN to expand its presence in the European market after the UK and France.
On June 30, 2014, China General Nuclear Power Corporation (CGN) incorporated the wholly-owned subsidiary CGN European Energy Company in France, which focuses on businesses including investments, mergers and acquisitions, operation and maintenance, and asset management on renewable energy projects such as offshore wind farms, onshore wind farms, solar, and other renewable energy resources in Europe.
Since then, CGN has experienced rapid developments in the European new energy market. On Dec 15, 2014, CGN European Energy Company completed the acquisition of 80 percent equity in the British Clover wind power project, whose installed capacity reached 72 MW.
Later on, CGN European Energy Company won the bid for the French Fujin onshore wind power project and completed a 100 percent equity settlement with Eolfi New Energy Company in France on Feb 18, 2015.
On Nov 18, 2015, CGN European Energy Company and French Inovia Concept Development (ICD) signed an agreement on cooperation of solar project development in Paris, marking the first step towards the field of solar industry in France.
The following December was a fruitful month for CGN. On Dec 3, 2015, CGN, China Merchants New Energy Group Limited (a subsidiary of China Merchants Group), and Huawei Technologies signed a memorandum of understanding (MOU), which enabled three-way cooperation efforts on a smart photovoltaic power station with the installed capacity of 2 GW, which would come into reality within two years.
On Dec 4, 2015, CGN inked a MOU to co-develop 500 MW solar power and wind power projects with Electricité de France Energies Nouvelles (EDFEN) and InnoSun in Namibia.
In order to further expand business in the European new energy market, a consortium led by CGN European Energy Company and French new-energy firm Eolfi won a 24 MW project on July 22, 2016, which is a floating wind power project in the sea off the island of Groix in Brittany. It will be France's first industrial-scale offshore floating renewable energy power project.
As of the end of October 2016, CGN’s total overseas consolidated installed capacity from new energies has reached 8.7 GW, covering a dozen of countries including South Korea, the UK, France, Australia, Malaysia, Egypt, Bangladesh, and the United Arab Emirates.
With years of development, CGN has grown to be the largest independent power producer (IPP) in Egypt and Bangladesh, and the second largest in Malaysia.