Fotowatio Renewable Ventures (FRV) is celebrating 10 years of success as a world leader in renewable energy.
Founded in 2006 and acquired by Abdul Latif Jameel in 2015, FRV is an independent producer of photovoltaic solar, and more recently, wind energy.
Since its establishment, the company has completed the construction, operation, maintenance and financing of over 650 MW of photovoltaic and CSP solar energy plants. These projects represent more than US$ 2.5 billion in total financings with more than 20 leading banks.
Following significant growth over the past decade, it now operates across five continents and has a 4.5 GW development portfolio in emerging solar markets.
In 2016, FRV’s milestones included its first project in Jordan, two new power purchase agreements in Australia and being awarded 300 MW in Mexico’s second power auction.
Future plans include further expansion in key markets such as Australia, India, Latin America and the Middle East, North Africa and Turkey (MENAT), where the business’s acquisition by Abdul Latif Jameel has helped it to significantly strengthen its presence in the region.
Rafael Benjumea, CEO of FRV, said: “We take great pride in completing a decade as a global leader in the renewable energy market, thanks to the team, clients, suppliers and partners who have made it possible. We want to remain the preferred partner in the energy industry for investors, suppliers and governments, as well as a reference in the renewable energy sector worldwide”.
- The foundation Group is created
- First project in construction: La Magascona (Spain), with 23 MWp
- Qualitas Venture Capital (QVC) backs the development of the company and co‐invests with the founding team in a number of solar photovoltaic (PV) energy projects.
- FRV becomes the first developer of large-scale solar energy projects in Spain
- FRV develops its first portfolio of energy projects in Europe
- International expansion to Italy and the USA
- Fundraising round is completed with two institutional investors: General Electric Energy Financial Services (GE EFS) and Grupo Corporativo Landon
- First pipeline of solar energy projects in the USA
- Acquisition of MMA Renewable Ventures, a leading USA-based solar energy developer
- FRV becomes the first solar PV Independent Power Producer (IPP) in the USA
- First FRV project commences, acting as developers and EPC (Engineering, Procurement, Construction)
- USA-based business sold to SunEdison
- FRV becomes a leading global Independent Power Producer (IPP) for PV energy
- 29 MWp sold in Italy to Munich Re
- Sale of Concentrated Solar Power (CSP) plants under construction to ACS/OHL
- Second phase of FRV’s international expansion commences, with projects explored in Australia
- First solar PV project pipeline developed in Australia
- Leading PV pipeline portfolios developed in Australia and Africa
- A third fundraising round is completed with Denham Capital Management LP (Denham)
- First solar PV pipeline developed in Latin America
- The largest Australian solar PV project, Royalla solar farm, reaches financial close
- Projects in Australia (70 MWp) and Latin America (65 MWp) begin construction
- FRV becomes a leading solar energy developer in emerging markets
- 24 MWp becomes fully operational in Australia
- Significant global expansion of the project pipeline commences
- FRV acquired by Abdul Latif Jameel Energy in April 2015
- 65 MWp becomes operational in Latin America
- New Power Purchase Agreements (PPA) signed in Brazil and Jordan
- Sale of 24 MWp from Royalla solar farm, Australia
- 100 MWp in Jordan begins construction
- New PPA signed in Australia: 70 MWp Moree solar farm and 100 MWp Clare solar farm
- 300 MW awarded in Mexico’s second power auction
- Financial close of 100MWp in India