Spanish solar energy firm Fotowatio Renewable Ventures (FRV) has sealed a deal with a private equity firm that will boost its presence in the global solar power market.
Denham Capital is to invest up to $191 million in FRV’s projects in areas such as Australia, South Africa and South America. The partnership will consider projects where FRV’s core competencies can add value, says Denham, which was advised on the deal by law firm Norton Rose.
“These funds will give FRV the resources needed to continue its position as a global leader in the solar industry,” said FRV CEO Rafael Benjumea. “In addition to its investments in strategic markets including Australia, South Africa, Latin America, Europe and the Middle East, FRV will review other opportunities in new markets where the economic, energy, and regulatory policies make such investments attractive.”
FRV has built and financed more than 350 MW of solar generating capacity since 2006 in the USA, Spain and Italy. It has over 185 MW under management and a consortium led by FRV is involved in the development process for a 150 MW plant in Australia under the Australian government’s Solar Flagships Programme.
Denham will be the lead investor in FRV and will be backed by Spanish private equity firm Qualitas Equity Partners.
