Wang Shaofeng, executive vice-president of China Three Gorges International Corp., a Beijing-based subsidiary of China Three Gorges Corp., reports the company will bid to build and operate the planned 8,000-MW Tapajos hydroelectric facility on the Tapajos River in Brazil.
The Tapajos project would generate about 4,000 MW on average depending on river levels, and it is a priority for Dilma Rousseff, Brazil’s president, to reduce Brazil’s growing energy deficit, according to local media. Local reports also say at least 40 large dams are being built or planned in the Amazon.
China Daily reports Shaofeng said, “We have been present in Brazil’s hydropower market for several years. For most of the projects, we participated through capital investment.”
A November 2015 auction for the operating rights of 29 Brazilian hydropower projects netted the Brazilian government more than US$4.5 billion and CTG was the biggest player in the auction.
“But with our rich experience we can do more in Brazil,” said Shaofeng, referring to the company’s $3.6 billion investment for the 1,550-MW Jupia and 3,444-MW Ilha Solteira hydroelectric plants.
CTG will likely receive annual revenues of about $632 million, subject to periodic review.
If completed, the Tapajos facility would be one of the world’s 10 largest hydropower projects, according to Shaofeng.
In a published October 2015 report, Joao Marques da Cruz, president of Energias de Portugal (EDP), said, EDP has established a partnership with Hydro Global Investment Ltd. The company, based in Hong Kong, is a joint venture between CTG and EDP to develop dam projects around the world.
CTG purchased Portugal’s stake in EDP in 2011, paying $3.5 billion. Reports indicate CTG will use its network of companies as a platform to explore business opportunities for small and medium-sized hydropower projects.
In addition to its activity in Brazil, Shaofeng said CTG will seek hydro-related opportunities in Chile, Peru and Colombia.