Sign in
Abdul Latif Jameel eyes FRV sale again: Saudi energy giant Abdul Latif Jameel Energy has reportedly tapped JP Morgan to kick off the potential sale of its wholly-owned Spain-based solar developer Fotowatio Renewable Ventures (FRV), Bloomberg reports, citing people it says are familiar with the matter. The divestment — which is set to kick off by year-end — could value the company at up to USD 2.2 bn.
Take 2: The company took over FRV in 2015 and first tried to offload it in 2019, attracting interest from heavyweights including China Three Gorges and Shanghai Electric Power. But the sale hit a roadblock when covid-19 swept in, stalling the agreement, according to an earlier report by the business information service.
Who’s buying? Large infrastructure funds and international investors are likely to be in the mix of potential suitors, one insider said, as the sale would be “one of the largest in Spain’s fast-growing renewables industry.”
About FRV: Founded in 2006, FRV boasts a 3.5 GW network of solar photovoltaic projects across nine markets, including Jordan, with an additional 24 GW currently under development, according to its website. It quickly became the first developer of large-scale solar energy projects in Spain.
