Abdul Latif Jameel strengthens energy business
KSA-based firm buys Fotowatio Renewable Ventures (FRV) and 3.8GW solar project pipeline.
Abdul Latif Jameel Energy and Environmental Services has acquired its joint venture partner Fotowatio Renewable Ventures (FRV), a global developer of solar power plants.
The company paid an undisclosed sum to buy FRV from Denham Capital, Qualitas Venture Capital, and founder shareholders, it revealed in a statement.
Mohammed Abdul Latif Jameel, chairman and president of Abdul Latif Jameel, described the acquisition as a natural next step in a multi-year energy strategy, building on a successful partnership between the two companies in January 2014.
Mohammed Abdul Latif Jameel, chairman and president of Abdul Latif Jameel, said: “The acquisition is a strong signal of our intent to become a leading player in the global renewables energy sector and gives us a market leading position in solar power plant development.
“We will continue to pursue further acquisitions in the renewables sector in support of the MENAT region’s growing power demand and in doing so, we look to build local capacity and leave a lasting legacy of energy sector expertise.”
FRV has a global solar project pipeline totalling 3.8 GWdc which consists of a 24 MWdc fully operational plant (‘Royalla’ in Australia), 370 MWdc of plants under construction and awarded in Uruguay, Australia, Brazil and Egypt.
A further 3.4 GWdc is derived from projects currently under different stages of development. From 2006 to date, FRV had successfully developed and divested approximately 1.7 GWdc mainly from projects in the USA, Spain and Italy.
Roberto de Diego Arozamena, CEO, Abdul Latif Jameel Energy and ES said: “Our acquisition of FRV strengthens our position within the solar PV sector with the goal to become an independent power producer.
“Our strategy is to focus on renewable energies such as solar, wind, waste-to-energy, hydro power and environmental services such as waste management. The acquisition of FRV is tangible evidence of the progress we are making towards establishing ourselves in the global energy sector.
“FRV is the optimal partner for strengthening our Energy business, given its established position as a leading international developer of large-scale solar projects with experience in both photovoltaic (PV) and solar thermal technology. I am confident that under our ownership FRV will see exponential growth as part of Abdul Latif Jameel Energy and Environmental Services.”
Rafael Benjumea, CEO of FRV, said: “Our global track record backed up by Abdul Latif Jameel Energy and Environmental Services’ financial strength and presence across the MENAT region, will significantly increase our ability to build scale, geographical reach as well as establish our leadership in diversifying national energy production in strategic markets across the world.”
Abdul Latif Jameel Energy and ES will retain the FRV name which has become a recognized brand in solar development as well as FRV’s complete workforce of approximately 70 experts in all fields of solar PV.