When most people hear the name China Three Gorges Corporation, they immediately think of that massive, world-altering dam on the Yangtze River. You know the one. It’s so big it literally slowed the Earth’s rotation by a fraction of a microsecond because of the sheer mass of water it shifted. But honestly, if you think CTG—as the insiders call it—is just about one dam, you’re missing the forest for the trees. This company has quietly turned into a global renewable energy octopus with its tentacles in everything from Portuguese utilities to offshore wind farms in the North Sea.
It's a behemoth.
Technically, it’s a state-owned enterprise (SOE), but it operates with a level of international aggression that would make a Silicon Valley VC sweat. Established in 1993 specifically to manage the Three Gorges Project, the China Three Gorges Corporation didn't just stop when the concrete dried. They took the billions in revenue generated by that dam and started buying up the world’s green energy infrastructure. They are now the world's largest hydropower enterprise and China's biggest clean energy group. It's a pivot that shifted them from a local construction project to a geopolitical heavyweight.
Why China Three Gorges Corporation is More Than Just a Dam
If you’re looking at the balance sheets, you’ll see something wild. We aren't just talking about a couple of turbines spinning in Hubei province. By the end of 2023, CTG’s total installed capacity was hovering around 125 gigawatts. To put that in perspective, that’s enough to power a medium-sized country.
Most of this comes from the "cascade" of dams along the Yangtze. You’ve got the Three Gorges Dam, sure, but then there's Wudongde, Baihetan, Xiluodu, and Xiangjiaba. These aren't just names on a map; they are engineering marvels that represent a total mastery of the river’s flow. Baihetan, for instance, features 16 massive 1-gigawatt turbines. Each one of those units is basically a skyscraper-sized machine sitting underwater.
But here is where it gets interesting: the international shopping spree.
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Back in 2011, during the European debt crisis, CTG saw an opening. They dropped roughly $3.5 billion to grab a 21% stake in EDP (Energias de Portugal). This wasn't just a financial investment. It gave them a seat at the table in Europe’s energy market and, more importantly, a foothold in South America, particularly Brazil. Today, they are one of the largest private power producers in Brazil. They didn't just build things; they bought the expertise.
The Pivot to Wind and Solar
Hydro is great, but it has a PR problem. It displaces people. It changes ecosystems. CTG knows this. So, they’ve been pouring capital into the "New Three Gorges on the Sea." That’s their internal branding for their massive offshore wind push.
They have built some of the largest offshore wind farms in the world off the coast of Guangdong and Jiangsu provinces. They aren't just playing in Chinese waters, though. They’ve invested in projects like the Meerwind Offshore Wind Park in Germany. It’s a clever move. By diversifying into wind and solar, they’re shielding themselves from the seasonal fluctuations of river levels. If there’s a drought and the Yangtze runs low—which happened in a big way in 2022—the wind turbines keep the revenue flowing.
Breaking Down the Baihetan Impact
Baihetan is the new crown jewel. It started full operation in late 2022. It’s the second-largest hydropower station in the world, right after its big brother, the Three Gorges.
- Location: Jinsha River (upper Yangtze).
- Capacity: 16 million kilowatts.
- Engineering Firsts: It uses "low-heat" cement to prevent cracking in the massive structure—a huge tech hurdle.
The scale of Baihetan is hard to wrap your head around. It helps create a "clean energy corridor" that spans thousands of miles. This isn't just about electricity; it’s about China’s "Dual Carbon" goals—peaking emissions by 2030 and hitting neutrality by 2060. CTG is basically the engine room for that entire national strategy.
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The Controversies and the Hard Truths
We have to talk about the elephant in the room. The China Three Gorges Corporation didn't get this big without breaking some eggs. The original Three Gorges Dam displaced over 1.3 million people. Entire cities were submerged. There are ongoing concerns about siltation, seismic activity, and the loss of biodiversity. The Yangtze finless porpoise and the now-extinct Chinese paddlefish are often cited as the ecological cost of this power.
There’s also the debt. Building these things costs hundreds of billions. While CTG is incredibly profitable—generating tens of billions in RMB annually—the sheer scale of their capital expenditure is eye-watering. They are heavily backed by state banks, which gives them a safety net that companies like GE or Siemens can only dream of.
International scrutiny is also ramping up. In the U.S. and parts of Europe, there's a lot of "de-risking" happening. Governments are looking at CTG’s ownership of critical infrastructure and feeling a bit twitchy. For example, their attempt to fully take over EDP in Portugal was eventually blocked due to regulatory and political pressure. They are a "Global Fortune 500" regular, but they're also a lightning rod for "China Inc." anxieties.
What Most People Get Wrong About the Company
Everyone thinks CTG is a stagnant government department. It's not.
Inside the company, there’s a massive focus on R&D. They’re currently obsessed with "pumped storage." This is basically using two reservoirs at different heights as a giant battery. When there’s extra solar power during the day, they pump water uphill. When the sun goes down, they let it flow back down through turbines. It’s the most efficient way to store renewable energy at scale, and CTG is building these plants faster than anyone else on the planet.
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They are also pioneers in 800kV and 1100kV Ultra-High Voltage (UHV) transmission. This is the "extension cord" that carries power from the remote dams in the west to the hungry cities like Shanghai and Shenzhen in the east. Without this tech, the power would just dissipate over the long distance.
The Global Footprint by the Numbers
It's helpful to see where they actually stand. Here is a rough breakdown of where their influence sits:
- Brazil: They own massive assets like the Jupiá and Ilha Solteira dams.
- Peru: They acquired Luz del Sur, the largest electric utility in the country.
- Pakistan: They developed the Karot Hydropower Project under the Belt and Road Initiative.
- Europe: Significant stakes in wind farms across the UK, Germany, and Greece.
Basically, if you’re flicking a light switch in Lisbon or Lima, there is a non-zero chance the China Three Gorges Corporation is involved in that electron's journey.
What This Means for the Future of Energy
The story of the China Three Gorges Corporation is really the story of the 21st-century energy transition. They've moved from being a controversial dam builder to a sophisticated green energy conglomerate. They are betting everything on the idea that the world will move away from coal and gas, and they want to be the ones selling the alternative.
Is it all smooth sailing? No. They face massive environmental pushback, rising geopolitical tensions, and the sheer physical limit of how many more rivers you can actually dam. But their move into offshore wind and solar shows they aren't planning on being a dinosaur.
Actionable Insights for Following the Sector
If you are an investor, a policy wonk, or just someone interested in the climate, here is how you should watch CTG:
- Watch the Jinsha River Projects: This is where the last of the "mega-hydro" is happening. Any delays here signal shifts in China’s internal economy.
- Monitor "Pumped Storage" Announcements: This is the secret sauce for balancing the grid. If CTG hits their targets here, they solve the "intermittency" problem of wind and solar.
- Follow the Belt and Road (BRI) 2.0: CTG is the flagship for "Green BRI." Watch for new deals in Southeast Asia and Africa; that's where the next decade of growth is.
- Keep an eye on the Hong Kong Stock Exchange: While the parent company is state-owned, their subsidiary, China Three Gorges Renewables, is a massive public entity. Their quarterly reports are the best way to see the actual "clean energy" data without the state-run filter.
The scale is staggering. The impact is undeniable. Whether you love them or hate them for the environmental changes they've wrought, the China Three Gorges Corporation is the undisputed heavyweight champion of the renewable world. Understanding them isn't optional if you want to understand where the world’s power is coming from in 2030 and beyond.