OMERS Infrastructure buys 49% stake in FRV’s Australian renewables business

An operational solar plant from FRV in Uruguay. Image: FRV.

Canadian pension investor OMERS Infrastructure has acquired a 49% interest in the Australian renewable energy platform of utility-scale solar developer Fotowatio Renewable Ventures (FRV).

The deal includes six operational and under construction solar assets with a combined capacity of 637MWdc as well as a development pipeline comprising around 2.7GWdc of solar plants and ~1.3GWh of battery energy storage systems.

FRV, which was acquired by Saudi Arabian conglomerate Abdul Latif Jameel in 2015, said the deal will accelerate its growth in Australia with new projects and an expansion into new technologies.

FRV last year signed a power purchase agreement for a 90MW solar farm in the Australian state of New South Wales and has since started construction of its first hybrid solar-storage project, which is being built in Queensland and is expected to be operating at full capacity by early 2022.

The strong outlook for solar in Australia was recently revealed in research from the Australian Energy Market Operator, which said accelerating PV and wind deployment means much of the country could have sufficient renewables generation to meet 100% of consumer demand at certain times of the day by 2025.

For OMERS Infrastructure, the transaction sees it build its renewables portfolio following its 2018 acquisition of project developer Leeward Renewable Energy, which earlier this year acquired a 10GW utility-scale solar platform form First Solar. The investor also owns a 19.4% stake in Indian independent power producer Azure Power.

Read Next

September 26, 2022
A subsidiary of Indian conglomerate Reliance Industries will invest US$12 million to acquire a 20% stake in Caelux Corporation, a California-based company working on perovskite solar technology.
September 26, 2022
A subsidiary of solar EPC Sterling and Wilson has signed a memorandum of understanding with the government of Nigeria to develop and construct a portfolio of PV and battery energy storage system (BESS) projects in the country.
PV Tech Premium
September 22, 2022
The war in Ukraine, approaching its eighth month, is having an extremely detrimental effect on the country's solar sector.
September 22, 2022
New York Governor Kathy Hochul has launched a solicitation calling for 2GW of large-scale renewables projects in the state.
September 21, 2022
A new consortium has been formed in Queensland with a MOU to build a green ammonia corridor between Australia and Korea.
September 20, 2022
Spanish solar developer Solarpack has reached an agreement to acquire 100% of the shares of developer Solaer.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)