Spain's Fotowatio seeking sale of 100-MW solar project in India - report

Spain-based Fotowatio Renewable Ventures (FRV) is holding talks for the divestment of a 100-MW solar project in India, the Economic Times reports, citing sources in the know.

The company, part of Saudi Arabia’s Abdul Latif Jameel Energy, secured the particular project in a tender by Solar Energy Corporation of India (SECI) in 2016. The capacity, representing FRV’s first Indian project, will be installed within the Ananthapuramu Ultra Mega Solar Park in Andhra Pradesh.

According to the two people familiar with the development, the sale of the project could be worth between INR 5 billion (USD 73.2m/EUR 63.5m) and INR 6 billion. Among the potential investors are Macquarie Infrastructure and Real Assets (MIRA), a joint venture (JV) green fund between solar developer Lightsource BP and private equity investor Everstone Group, as well as Edelweiss Infrastructure Yield Plus Fund, an infrastructure fund owned by Edelweiss Alternative Asset Advisors, one of the sources told the newspaper.

FRV says on its website it has solar activities in Italy, Spain, the US, Mexico, Chile, Australia and Jordan. In March 2017, it offloaded its 50-MW La Jacinta solar park in Uruguay, while a few months after that it sold the 100-MW Clare solar PV project in Northern Queensland, Australia, to a JV between DIF Infrastructure IV and Lighthouse Infrastructure.

(INR 10 = USD 0.146/EUR 0.127)

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