Fotowatio Renewable Ventures (FRV) has acquired a 51% stake in a 600MW battery electricity storage systems (BESS) project portfolio in Greece from EK Energy Storage Systems, a Wootis Group company.
The terms of the deal were not disclosed.
The portfolio includes eight projects that are currently under development and spread across the country.
Fotowatio Renewable Ventures is part of Saudi Arabia-based Abdul Latif Jameel Energy.
The BESS projects are said to be well advanced in their development and are expected to come online between Q4 of 2023 and Q2 of 2024.
Fotowatio Renewable Ventures and EK Energy Storage Systems plan to develop new electricity storage projects with a total capacity of 300MW.
Fotowatio Renewable Ventures Europe managing director Andrea Fontana said: “FRV’s landing in Greece with Wootis is a good example of the international expansion plans of the company, which has built more than 50 renewable energy production plants to date in countries such as Spain, Australia, Mexico, Uruguay, Chile, Italy, India, the United States, the United Kingdom and Jordan, and is preparing new projects that will soon be launched in other markets.”
In addition to the BESS projects, Fotowatio Renewable Ventures and Wootis will partner other new developments in Greece.
Wootis specialises in asset management and provides integrated services to operating renewable energy stations.
The Greek developer offers maintenance and operation (O&M) services as well at wind and photovoltaic (PV) stations along with integrated technical and commercial management and aggregation services.
Wootis CEO Athanasios Karadimas said: “Energy storage has to assume an increasingly strategic importance to ensure a safe transition and reverse the consequences of the climate crisis.”
Recently, Fotowatio Renewable Ventures acquired two BESS projects with a combined capacity of 100MW, located in the Midlands, UK, from RE Projects Development.
