Dubai-based Abdul Latif Jameel Energy and Environmental Services (ALJ) has acquired Spanish PV project developer Fotowatio Solar Renewable Ventures (FRV) for an undisclosed amount.
Having formed a PV project development partnership in 2014 to develop PV power plants in the Middle East, ALJ has bought the company outright from Denham Capital, Qualitas Venture Capital and the founding shareholders, according to an FRV statement.
FRV claims to have a portfolio of projects totalling 3.8GW (dc) in the Middle East, Australia, Africa and Latin America, which includes a plant of 24MW (dc) in full operation called Royalla in Australia and a total of 370 MW (dc) plants under construction.
It also has a planned 65MW (dc) project in 'La Jacinta', Uruguay, a 70 MW (dc) project in 'Moree', Australia and five plants for a total of 175MW (dc) in Brazil.
Currently, the only Middle East project is a 60MW (dc) plant planned in Egypt.
FRV said that it had 3.4GW (dc) pipeline at different stages of development.
Mohammed Abdul Latif Jameel, President of the Abdul Latif Jameel, said: "This operation is a great development of our energy business and is part of our current strategy. The acquisition is a clear signal of our intention to become a leading player worldwide in the sector of renewable energies and gives us a leading position in the market of development of solar power plants. We will continue looking for opportunities for acquisitions in the sector of renewable energy to respond to the growing demand for energy in the region MENAT.”
Roberto de Diego Arozamena, Chief delegate of Abdul Latif Jameel Energy said, "The acquisition of FRV strengthens our position in the photovoltaic solar industry and is in line with our goal of becoming an independent energy producer. Our decision to buy FRV was motivated by its set of specific competencies, its position pioneered the development of plants of photovoltaic solar energy and independent technological approach. FRV brings proven operational experience in the market of development of photovoltaic solar energy, with a capacity of funding projects and internal engineering and contracting skills. This acquisition also reinforces our position in the market because we can now introduce ourselves to more tender with a platform developed and broader".
FRV said it had developed and divested approximately 1.7GW (dc) of solar projects since 2006, mainly projects in USA, Spain and Italy.