Dubai and Saudi Arabia-based Abdul Latif Jameel Energy has acquired Fotowatio Renewable Ventures (FRV), including its global 3.8 GW pipeline of PV projects. This acquisition is a natural next step in its multi-year energy strategy and follows the successful joint venture partnership announced between the two companies in January 2014 and could not be the last one. The acquisition is a key part of Abdul Latif Jameel Energy and Environmental Services’ push into becoming a global independent power producer, with the company indicating that it intends to support the MENAT region´s adoption of renewable energy. President Mohammed Abdul Latif Jameel indicated that it may be the first of a number of acquisitions in the renewables sector.
The 100% acquisition includes FRV’s current solar PV pipeline of 3.8 GWdc, proven expertise in solar plant development and in particular its project financing, internal engineering capabilities, independence from technology and international footprint. Abdul Latif Jameel Energy and Environmental Services brings increased access, know- how and its financial backing to the emerging solar PV markets of the MENAT region. Full details (more…)