China Three Gorges Renewables' Gearing Remains High Due to Expansion Plan

China Three Gorges Renewables, or CTGR, is a subsidiary of China Three Gorges, the largest hydropower producer in the world and a leading renewable energy player in China. While other sister companies like China Yangtze Power focus on hydropower, CTGR concentrates on other renewable energy including solar and wind. CTGR has a total generation capacity of about 40.0 gigawatts as of the end of 2023. The firm is also one of the largest offshore wind farm operators in China, with 5.5 GW of installed capacity at the end of 2023, representing about 15% of China’s total offshore wind capacity. Furthermore, CTGR owns about 8.9% direct stake in Xinjiang Goldwind Science & Technology, a leading wind turbine manufacturer, as of the end of 2023.