Saudi Solar Developer Said to Revive €2 Billion Sale of Spain’s Fotowatio - Bloomberg
Saudi Arabia’s Abdul Latif Jameel Energy & Environmental Services plans to revive the sale of Fotowatio Renewable Ventures in a deal that may value the Spanish energy company at about €2 billion ($2.2 billion), people with knowledge of the matter said.
The Saudi solar developer is working with JPMorgan Chase & Co. to start the sale process by year-end, according to the people, who asked not to be identified as the information is private. Large infrastructure funds are seen as potential bidders, one of the people said.
A transaction would be one of the largest in Spain’s fast-growing renewables industry, with clean-energy firms such as FRV increasingly drawing interest from international investors. In 2023, Brookfield Asset Management gained full control of solar developer X-Elio, while last month Masdar agreed to buy Saeta Yield SA at a valuation of $1.4 billion including debt.
Deliberations are ongoing and ALJ could still decide to keep the asset for longer, the people said. Spokespeople for ALJ, Fotowatio and JPMorgan declined to comment.
FRV, which was founded in 2006, has a portfolio of more than 3.5 gigawatts across nine markets, according to its website. ALJ agreed to buy the business in 2015 for an undisclosed sum.
The Saudi developer previously attempted to divest Madrid-based FRV, with the Spanish company attracting potential suitors including state-owned China Three Gorges Corp. and Shanghai Electric Power Co., Bloomberg News reported in 2019. However, the sale process was halted after the start of the Covid-19 pandemic and the company later went through an internal reorganization.
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