Abdul Latif Jameel hires JP Morgan for FRV sale

Abdul Latif Jameel Ltd, a Saudi Arabia-based company, has hired JPMorgan Chase & Co to facilitate the sale of the solar project developer, Spain’s Fotowatio Renewable Ventures BV (FRV). 

Abdul Latif Jameel launches the sale of the company for a total consideration of EUR1.5 billion (US$ 1.7 billion). In 2015, ALJ has acquired FRV from Denham Capital Management LP, Qualitas Venture Capital SA and founding shareholders, for an undisclosed sum.

Founded in 2006, FRV currently has 57 projects across ten countries. In November 2018, the firm has secured financing from Banco Sabadell SA for the development of the 50-MW La Solanilla solar farm in the Spanish region of Extremadura. In addition, FRV has six other farms operating in the home country.