Abdul Latif Jameel acquires solar company

09 April 2015

Acquisition makes Saudi firm the GCC’s largest solar developer

  • Saudi Arabia’s Abdul Latif Jameel Energy acquired Spanish solar developer Fotowatio Renewable Ventures (FRV)
  • Abdul Latif Jameel Energy is now the GCC’s largest solar developer, following the acquisition of FRV’s 3.8GW global pipeline
  • The deal strengthens the firm’s ability to develop projects as an independent power producer

Saudi Arabia’s Abdul Latif Jameel Energy has acquired Spanish Fotowatio Renewable Ventures (FRV), a major solar developer.

The announcement comes as the solar industry waits for news on future solar and wind projects from the Saudi Electricity Company and Saudi Aramco.

Abdul Latif Jameel and FRV formed a joint venture in January 2014 to participate in the King Abcullah Centre for Atomic and Renewable Energy (KA-Care)’s abandoned 54GW renewables programme.

The acquisition includes FRV’s engineering and financing expertise and 3.8GW solar photovoltaic (PV) global pipeline, making Abdul Latif Jameel Energy the largest GCC-based solar developer. It will now be better positioned to bid for major projects as an independent power producer.

The sellers were Denham Capital, Qualitas Venture Capital, and founder shareholders.

The FRV brand and workforce of 70 experts will be maintained.

FRV’s projects includes a 60MW solar PV plant under development in Egypt.

FRV has also prequalified to develop a solar project under Egypt’s feed-in tariff scheme, and submitted prequalification documents for the second round of feed-in tariff projects in Jordan.

The developer is yet to win a major GCC contract.

“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,” said Mohammed Abdul Latif Jameel, Chairman and President of Abdul Latif Jameel. “We will continue to pursue further acquisitions in the renewables sector in support of the Menat [Middle East north Africa and Turkey] region’s growing power demand.”

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