Greentech Lead Europe: FRV has entered into an alliance
with Denham Capital, a global energy focused private equity firm, to invest
over $190 million in new solar energy projects.
The association with Denham Capital is expected to
strengthen FRV’s ability to make investments in global solar markets, including
Australia, South Africa, Latin America, Europe, and the Middle East.
The partnership will consider acquisitions where FRV’s
core competencies can add value. FRV will continue to provide asset management
services to existing partners and will opportunistically consider new asset
management contracts.
A company press release said Denham Capital will be the
lead investor in FRV, providing capital to be invested in solar energy projects
worldwide, alongside Spanish private equity firm Qualitas Equity Partners and FRV’s
founding members.
Since 2006 FRV has participated in the development,
construction and financing of more than 350 MW of solar energy plants currently
operational in the United States, Spain and Italy and since its inception led
the development of a pipeline of projects totaling more than 1.5 GW.
The company has over 185 MW under management and a
consortium led by FRV is involved in the development process for a 150 MW plant
in Australia within the Solar Flagships Program of the Australian Government.
“These funds will give FRV the resources needed to
continue its position as a global leader in the solar industry. In addition to
its investments in strategic markets including Australia, South Africa, Latin
America, Europe and the Middle East, FRV will review other opportunities in new
markets where the economic, energy, and regulatory policies make such
investments attractive,” said Rafael Benjumea, CEO, FRV.
FRV has financed projects for approximately $ 1.9 billion
in the US, Spain and Italy, with over 20 leading international banks.
The company has a significant development pipeline of
over 750 MW including projects in Europe, Australia, South Africa, India,
Latin-America and the Middle-East, both in photovoltaic and CSP technologies.
“The FRV team has had great successes and is unique
in its ability to bring a recognizable franchise to any market it enters; a key
differentiating factor to others in the market. Denham Capital has a history of
backing strong management teams and our global reach and power and renewable
expertise adds significantly to the strong foundation FRV offers as the
pre-eminent international solar development team,” said Scott Mackin,
managing partner and co-president at Denham Capital.