Acquisition makes Saudi firm the GCCs largest solar developer
- Saudi Arabias Abdul Latif Jameel Energy acquired Spanish solar developer Fotowatio Renewable Ventures (FRV)
- Abdul Latif Jameel Energy is now the GCCs largest solar developer, following the acquisition of FRVs 3.8GW global pipeline
- The deal strengthens the firms ability to develop projects as an independent power producer
Saudi Arabias Abdul Latif Jameel Energy has acquired Spanish Fotowatio Renewable Ventures (FRV), a major solar developer.
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 FRVs 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.
FRVs projects includes a 60MW solar PV plant under development in Egypt.
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] regions growing power demand.
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