Abdul Latif Jameel completes FRV acquisition

Gulf region conglomerate Abdul Latif Jameel Group’s energy subsidiary has stepped into the PV development world in a big way with its acquisition of Spain’s FRV. The price paid for the acquisition has not been revealed.

The acquisition is a key part of Abdul Latif Jameel Energy and Environmental Services’ push into becoming a global independent power producer, with the company indicating that it intends to support the MENAT region’s adoption of renewable energy. Chairman and President Mohammed Abdul Latif Jameel indicated that it may be the first of a number of acquisitions in the renewables sector.

“This is a major development of our energy business and a part of our on-going strategy,” said Jameel. “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.”

All of FRV’s solar project pipeline and operation assets will now pass over for Abdul Latif Jameel Energy. This includes 94 MW of power plants in Australia, 65 MW in Uruguay, 175 MW in Brazil and 60 MW in Egypt. The remaining 3.4 GW pipeline is in the project development phase.

Abdul Latif Jameel Energy acquired FRV from Denham Capital, Qualitas Venture Capital and FRV founders. Denham Capital’s Scott Mackin said that his firm was proud of its three-year association with FRV, describing it as having been a very successful investment.

The FRV brand will be retained, as will the company’s 70 staff. Abdul Latif Jameel Energy said that FRV’s expertise in solar was one of the reasons behind the acquisition.

“Our strategy is to focus on renewable energies such as solar, wind, waste-to-energy, hydro power and environmental services such as waste management,” said Roberto de Diego Arozamena, Abdul Latif Jameel Energy and ES CEO. “The acquisition of FRV is tangible evidence of the progress we are making towards establishing ourselves in the global energy sector.” FRV’s position in emerging PV markets was also cited as being a driving factor behind the move.