Saudi Arabia’s Abdul Latif Jameel Energy and Environmental Services has acquired Spanish solar project developer Fotowatio Renewable Ventures for an undisclosed amount.
The sellers were Denham Capital, Qualitas Venture Capital and founder shareholders. The acquisition will lead to Abdul Latif Jameel Energy and Environmental Services owning the Spanish company’s current global solar project pipeline of approximately 3.8 gigawatts. The pipeline includes a 24-megawatt operational plant, 370 MW of projects under construction and a further 3.4GW of solar farms in development stage.
Abdul Latif Jameel Energy and Environmental Services said the acquisition 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.
“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,” said Mohammed Abdul Latif Jameel, Chairman and President of Abdul Latif Jameel Energy and Environmental Services. “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 Saudi company intends to retain the Fotowatio Renewable Ventures name as well as FRV’s complete workforce of 70 in all fields of solar PV.
“Our acquisition of FRV strengthens our position within the solar PV sector with the goal to become an independent power producer,” said Roberto de Diego Arozamena, Chief Executive Officer, Abdul Latif Jameel Energy and Environmental services. “Our decision to acquire FRV was based on their specific set of skills, pioneering position in solar PV power plant development, and their technology independent approach. FRV brings operational in-market solar PV development expertise with proven project financing and internal engineering and procurement competencies. This acquisition also strengthens our market position as we are now able to bid for additional business from a more comprehensive and developed platform.”
“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 (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.”
Abdul Latif Jameel Energy and Environmental Services is a diversified business comprised of independent entities that includes automotive distribution, auto parts manufacturing, financial services, renewable energy, environmental services, land and real estate development, logistics, electronics retailing and media services.
