April 8 (Renewables Now) - Saudi Arabia-based company Abdul Latif Jameel Ltd has hired JPMorgan Chase & Co (NYSE:JPM) to shepherd the sale of Spain’s Fotowatio Renewable Ventures BV (FRV), a solar project developer, sources close to the matter told Spanish business newspaper Expansion.
Abdul Latif Jameel is asking for more than EUR 1.5 billion (USD 1.7bn) for the Spanish firm, according to the same sources.
In 2015, the Saudi company purchased a 100% stake in FRV from its then owners, Denham Capital Management LP, Qualitas Venture Capital SA and founding shareholders, for an undisclosed sum. Abdul Latif Jameel then took over FRV’s solar portfolio of some 3.8 GW of international projects in various stages of development, Expansion says.
FRV was founded in Spain in 2006 and began expanding globally two years later. Currently, it has 57 projects in ten countries. Last November, the firm closed the financing with lender Banco Sabadell SA (BME:SAB) for the construction of the 50-MW La Solanilla solar farm in the Spanish region of Extremadura. In addition, FRV has six other farms operating in the home country.