FRV buys majority stake in 600-MW BESS project in Greece
Battery energy storage system. Source: Fotowatio Renewable Ventures.
Spain-based renewables developer Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, announced on Monday that it has acquired a majority stake in a 600-MW battery electricity storage system (BESS) project in Greece.
FRV has bought the ownership interest from Greek renewables-focused asset manager Wootis SA for an undisclosed sum. The two parties have also agreed to collaborate on new developments in the country.
The project in question is divided into several sites across Greece, all of which are well advanced in development and are expected to become operational between the final quarter of next year and the second quarter of 2024, FRV said.
“Greece has demonstrated a remarkable commitment to achieving its target of doubling the country’s green energy capacity by 2030, which we are excited to take part in with this project,” commented Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel.