Saudi conglomerate acquires Spanish solar plant developer
FRV currently has numerous projects in 'emerging solar markets,' including the Middle East, Australia, Africa and Latin America
The energy arm of Saudi-based conglomerate Abdul Latif Jameel has acquired Spanish-based solar developer Fotowatio Renewable Ventures, (FRV) the largest such firm in the Gulf.
The move, which follows a joint venture partnership announced early last year, sees Abdul Latif Jameel Energy and Environmental Services control 100 percent of FRV’s current solar projects as well as technical capabilities and project financing, according to a press release issued on Wednesday.
The value of the deal was not disclosed.
“We will continue to pursue further acquisitions in the renewables sector in support of the MENAT [Middle East, North Africa and Turkey] region’s growing power demand,” said the conglomerate’s chairman Mohammed Abdul Latif Jameel.
The Saudi firm, also has interests in auto distribution, finance and advertising, has chosen to maintain FRV’s name due to the brand’s identity in the solar market.
FRV currently has numerous projects in “emerging solar markets,” including the Middle East, Australia, Africa and Latin America, representing 3.8 GWdc of power generation - enough energy to supply around 1.75 million homes, according to the press release. Since 2006, the firm has built, operated and financed and projects to a total of $2.5 billion.
FRV chief Rafael Benjumea said that the deal “will significantly increase our ability to build scale, geographical reach as well as establish our leadership in diversifying national energy production in strategic markets.”
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