Fotowatio could be sold

Share

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.