Dubai-based Abdul Latif Jameel Energy and Environmental Services has reached a deal to take over Spanish solar developer Fotowatio Renewable Ventures (FRV) and its global pipeline of 3.8GW for an undisclosed sum.

FRV is a leading global solar development company with several major projects in key solar markets including Australia, the Middle East, Africa and Latin America.

Its pipeline consists of a 24MW operational plant, the Royalla in Australia, 370MW of plants under construction and awarded, and a further 3.4GW derived from projects under different stages of development.

Since 2006, FRV has developed and divested 1.7GW, mainly in the US, Spain and Italy.

The move follows a joint venture partnership between Abdul Latif Jameel, which has bases in Saudi Arabia and the UAE, and FRV in January last year. Under this agreement, Abdul Latif Jameel will retain the FRV name as well as its complete workforce of 70 experts.

Chairman Mohammed Abdul Latif Jameel said: “The acquisition is a strong signal of our intent to become a leading player in the global renewables energy sector and gives us a market leading position in solar power plant development.”

"We will continue to pursue further acquisitions in the renewables sector in support of the Mena and Turkey region's growing power demand and in doing so, we look to build local capacity and leave a lasting legacy of energy sector expertise," he added.

FRV chief executive Rafael Benjumea said: "Our global track record backed up by Abdul Latif Jameel Energy and Environmental Services’ financial strength will significantly increase our ability to build scale, geographical reach as well as establish our leadership in diversifying national energy production in strategic markets across the world."

The transaction was completed with the help of Denham Capital, Qualitas Venture Capital and founder shareholders.-TradeArabia News Service