Omers buying 49% of FRV's Aussie renewable energy platform

Goonumbla solar farm. Image by: Fotowatio Renewable Ventures (FRV).

October 18 (Renewables Now) - Canadian investor and asset manager Omers Infrastructure said this weekend it has agreed to purchase a 49% stake in the Aussie unit of Spain-based Fotowatio Renewable Ventures (FRV).

Utility-scale renewables developer FRV, part of Abdul Latif Jameel Energy, is selling the interest in FRV Australia Group for an undisclosed amount.

As part of the deal, Omers will get access to the Australian renewable energy platform's 637 MW DC of solar capacity in operation and under construction across “strong parts” of the National Electricity Market. The target also has a development pipeline of roughly 2.7 GW DC of solar photovoltaic (PV) projects and about 1.3 GWh of battery storage systems.

Omers also owns Leeward Renewable Energy and a 19.4% stake in Azure Power Global.

FRV has been doing business in Australia since 2010. Among its operational solar farms are the 56-MW Moree and 69.75-MW Goonumbla parks in New South Wales and the 125-MWp Lilyvale complex in Queensland. Bringing Omers on board will speed up FRV's expansion across Australia with new projects.

“This partnership will accelerate FRV’s consolidation as one of the renewable energy market leaders in the country and also the expansion of our footprint into new technologies,” said Carlo Frigerio, managing director of FRV Australia.

The transaction is pending regulatory clearance and is seen to be finalised by end-2021.

Credit Suisse and White & Case acted as exclusive financial and legal advisors to FRV, respectively, while Omers was advised by ICA Partners and Herbert Smith Freehills on financial and legal matters, respectively.

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