Abdul Latif Jameel Energy and Environmental Services (ALJ), Dubai, has turned its partnership with Spanish PV project developer Fotowatio Solar Renewable Ventures (FRV) into ownership.
ALJ has acquired FRV for an undisclosed sum.
Last year the companies had entered a partnership for developing photovoltaic projects in the Middle East. ALJ has now gone on to buy stakes from Denham Capital, Qualitas Venture Capital and the founding shareholders, a statement issued by FRV says.
FRV boasts a portfolio of projects totalling 3.8GW (dc) spread across the Middle East, Australia, Africa and Latin America.
It has projects for 370 MW (dc) under construction and plans for a 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.
In the Middle East, the company currently has only a 60MW (dc) plant in Egypt at the planning stage.
Besides these, FRV claims to have 3.4GW (dc) projects in the pipeline at various stages of development.
“The acquisition is a signal of our intention to become a player worldwide in renewable energies. We will continue looking for opportunities for acquisitions in the sector to respond to the growing demand for energy in MENA,” Mohammed Abdul Latif Jameel, the president of ALJ, said.
According to Roberto de Diego Arozamena, who is the chief delegate of ALF, FRV has proven operational experience in photovoltaic solar energy market and the capacity to fund projects besides internal engineering and contracting skills. “This acquisition reinforces our position in the market because we can now introduce ourselves to more tender,” he added.
FRV has developed and divested roughly 1.7GW (dc) of solar projects in USA, Spain and Italy since 2006, a statement issued by the company says.
Ajith Kumar S