Abdul Latif Jameel Energy and Environmental Services (‘Abdul Latif Jameel Energy and ES’), this week announced the acquisition of Fotowatio Renewable Ventures (‘FRV’), a leading global developer of solar power plants for an undisclosed sum.
The sellers were Denham Capital, Qualitas Venture Capital, and Founder shareholders. Abdul Latif Jameel Energy and ES’s acquisition of FRV is a natural next step in its multi-year energy strategy and follows the successful joint venture partnership announced between the two companies in January 2014.
Mohammed Abdul Latif Jameel, Chairman and President of Abdul Latif Jameel, said:
This is a major development of our energy business and a part of our on-going strategy. 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.
The acquisition results in ownership of FRV’s current global solar project pipeline of approximately 3.8 GWdc. The pipeline consists of a 24 MWdc fully operational plant (‘Royalla’ in Australia), 370 MWdc of plants under construction and awarded (65 MWdc at ‘La Jacinta’ in Uruguay, 70 MWdc at ‘Moree’ in Australia, five further plants totaling 175 MWdc in Brazil and one plant of 60 MWdc in 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.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.