Abdul Latif Jameel group has bought FRV from private equity firm Denham Capital, Qualitas Venture Capital and founding shareholders.
The financial details of the transaction has not been revealed.
Abdul Latif Jameel Energy and Environmental Services CEO Roberto de Diego Arozamena said: "Our strategy is to focus on renewable energies such as solar, wind, waste-to-energy, hydro power and environmental services such as waste management."
The deal follows a joint venture partnership between the two firms in January 2014.
The Spanish firm’s portfolio of 3.8 GW in direct current (DC) comprises the 24-MW Royalla solar plant in Australia and 370 MW of solar parks.
The solar parks are under construction in Uruguay, Australia, Brazil and Egypt. The remaining 3.4GW of projects are under different stages of development, reports renewables.seenews.com.
Established in 2012, Abdul Latif Jameel Energy, a wholly-owned division of KSA-based Abdul Latif Jameel Group, has offices in Jeddah and Dubai.
