FRV bags EUR-40m green loan to push renewables growth

Fotowatio's Moree solar farm in Australia. Image by Fotowatio (frv.com).

June 21 (Renewables Now) - Global sustainable energy developer and power producer Fotowatio Renewable Ventures (FRV) has obtained a EUR-40-million (USD 42.1m) line of green guarantees from Spain’s Caixabank (BME:CABK) to further expand its renewables portfolio.

More specifically, the funds will enable FRV to develop projects with a positive impact on the environment and enhance its financial flexibility, the company said on Monday.

The green facility has a one-year term and an option for renewal.

FRV, part of Saudi Arabia's Abdul Latif Jameel Energy, aims to double its total installed capacity to over 4 GW by 2024, from 2 GW in 2021, through an investment of USD 1.5 billion. In addition to large-scale solar and wind projects, the company also intends to deploy green hydrogen and battery storage capacity.

“This agreement will allow us to continue to promote access to renewable energies through solutions that contribute to the sustainable development of the communities in which we operate,” said Javier Huergo, Chief Investment Officer at FRV.

(EUR 1.0 = USD 1.052)

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