Independent renewable power producer Fotowatio has acquired the core U.S. solar power assets of MMA Renewable Ventures, a wholly-owned subsidiary of Municipal Mortgage & Equity, LLC. MMA became well known for its 14MW PV installation at Nellis Air Force base. Upon completion of the deal, Fotowatio Renewable Ventures will be one of the largest solar development companies in the United States.
“This acquisition will significantly expand Fotowatio’s portfolio, allowing us to meet our aggressive growth targets earlier than anticipated,” said Rafael Benjumea, CEO of Fotowatio. “With the addition of MMA’s assets and talented development team, we will be poised to expand in fast-growing markets in the United States, Spain and Italy.”
Fotowatio has now made three acquisitions in seven months, starting with the purchase of four solar photovoltaic power plants producing 32MW in Spain from Corporación Gestamp, followed by another 6.3MW of solar projects in Spain from Solaria.
Fotowatio said that it would now own 130MW of solar projects in operation and more than 400MW in development in the United States, and 1GW in total globally.
The company has now invested more than US$880 million (€700 million) in solar projects since 2006 and plans to invest up to US$3.2 billion (€2.5 billion) by 2012 in Spain, Italy and the United States.