Applications & Installations

Fotowatio could be sold

According to Spanish financial newspaper Cinco Días, UAE-based Abdul Latif Jameel Energy is trying to sell Spanish developer Fotowatio Renewable Ventures (FRV), which it acquired just four years ago. Although FRV has decided not to comment on the matter, market sources believe that reports of its impending sale could simply be an attempt to gauge investor appetite.
Pilar Sánchez Molina
By
Pilar Sánchez Molina
A Fotowatio PV array in India | Image: Fotowatio Renewable Ventures

FVR would not confirm or deny the operation when contacted by pv magazine, but another market source — commenting on condition of anonymity — described the article announcing the operation, published by financial newspaper Cinco Días, as “hasty”.

“It is rather a survey of the market to approve investor appetite,” the source claimed.

Reports that FRV has recently met with investment banks could be an indication that it is searching for financing for its projects in Spain and other markets. The company closed 2017 with a profit of $9.74 million, after registering losses of $29.12 million in in the previous year, according to the most-recent financial figures from the Spanish Commercial Registry. That same year, FRV’s turnover hit $52.44 million.

The company is active in several solar markets, including Spain, Mexico, the United Arab Emirates, Egypt, Armenia, Chile, Jordan, Tunisia, and Australia, among others.

Abdul Latif acquired FVR in 2015 from Denham Capital, Qualitas Venture Capital and the founders of FRV for an undisclosed sum.

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» Fotowatio starts commercial operations at latest Jordan project – pv magazine InternationalSolar Equipment Installer
May 01, 2019

[…] is the third to be developed in Jordan by Fotowatio, which was acquired by Saudi power company Abdul Latif Jameel Energy in 2015, and takes the developer’s solar portfolio in the nation to 150 MW, following the Mafraq […]

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