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Spanish Clean Energy Firm FRV Weighs Asset Sale in Chile – EQ Mag Pro

Spanish Clean Energy Firm FRV Weighs Asset Sale in Chile – EQ Mag Pro

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Fotowatio Renewable Ventures Inc., a Spanish developer of renewable energy projects, is considering selling a 300 megawatt pre-construction portfolio of wind and solar energy plants in Chile, according to people familiar with the matter.

The Madrid-based company is working with advisers on the potential sale, the people said, asking not to be identified as the information is private. The assets have drawn preliminary interest from potential bidders including a Chinese firm, the people said.

Endesa SA said earlier this month it would invest more than 300 million euros ($337 million) to buy and complete a 419 megawatt portfolio of photovoltaic projects from FRV, El Economista reported.

Negotiations are ongoing and FRV could decide not to proceed with the sale, the people said. A representative for FRV didn’t immediately respond to requests for comment.

The Chilean project combines photovoltaic and wind-energy technologies and is expected to generate enough energy to power around 224,000 households, according to a press release in 2018 announcing that FRV had been awarded the project.

Founded in 2006, FRV has over 50 plants across five continents, according to its website. Abdul Latif Jameel Energy and Environmental Services, a solar photovoltaic plant developer from Saudi Arabia, bought FRV in 2015 for an undisclosed amount.

FRV sold a 49% stake in its Australia unit, FRV Australia Group, to Omers Infrastructure in October, according to an announcement.

Source : bloombergquint
Anand Gupta Editor - EQ Int'l Media Network