Abdul Latif Jameel Energy and Environmental Services has acquired solar power plants developer Fotowatio Renewable Ventures from Denham Capital, Qualitas Venture Capital, and Founder shareholders for an undisclosed amount.
The acquisition forms a part of Abdul Latif Jameel Energy’s multi-year energy strategy and follows the joint venture partnership announced between the two companies in January 2014.
This includes Fotowatio’s current global solar project pipeline of approximately 3.8GW.
Fotowatio’s pipeline comprises a 24MW fully operational plant Royalla in Australia, 370MW of plants under construction including 65MW at La Jacinta in Uruguay, 70MW at Moree in Australia, as well as five further plants totalling 175MW in Brazil, and one plant of 60MW in Egypt.
A further 3.4GW of solar projects are currently under different stages of development.
Abdul Latif Jameel Energy and Environmental Services CEO Roberto de Diego Arozamena said: "Our acquisition of FRV strengthens our position within the solar PV sector with the goal to become an independent power producer.
"Our decision to acquire FRV was based on their specific set of skills, pioneering position in solar PV power plant development, and their technology independent approach.
"FRV brings operational in-market solar PV development expertise with proven project financing and internal engineering and procurement competencies. This acquisition also strengthens our market position as we are now able to bid for additional business from a more comprehensive and developed platform."
Abdul Latif Jameel Energy and Environmental Services will retain the Fotowatio Renewable Ventures, as well as the latter’s complete workforce of approximately 70 experts in all fields of solar PV.
Since 2006, Fotowatio Renewable Ventures had developed and divested approximately 1.7GW of solar power mainly from projects in the US, Spain, and Italy.
Image: Fotowatio Renewable Ventures has so far developed and divested approximately 1.7GW of solar power mainly from projects in the US, Spain and Italy. Photo: courtesy of Fotowatio Renewable Ventures.