The large infrastructure funds Blackstone, BlackRock, InfraVia, Apollo and Antin are running as the first candidates to participate in the sale process of Fotowatio Renewable Ventures (FRV), as revealed by Mergermarket.
The operation, which has the advice of JP Morgan, plans to receive the first non-binding offers on December 17.
The owner of FRV, the Saudi group Abdul Latif Jameel Energy, is finally determined to abandon the company and has put 100% of the capital up for sale, compared to the 80% option that was initially considered.
The company, headquartered in Madrid, has around 3.6 GW of assets in operation and under construction in nine countries, a significant part of them in Spain, specifically in Extremadura.
The operation, which could give FRV a company value of up to 2,000 million euros, began last October along with other major players such as Cubico, Corio or Terrraform, as already indicated by this newspaper.
FRV, which began operations almost two decades ago and operates in countries in Europe, Latin America, Australia and the Middle East, has 24 GW of projects in development, including 13.4 GW of renewable generation, 8.5 GW of battery storage and 2.1 GW of green hydrogen, as indicated by the company on its website.
The developer is set to expand in Australia, where its local subsidiary, in which OMERS Infrastructure also has a stake, recently emerged as the likely winner in an auction for a 1.7 GW portfolio of renewable assets sold by Statkraft, which also is closing other divestments of the assets acquired from Elecnor.
Earlier this year, FRV also took a first step into the Nordic countries, agreeing plans to develop 600 MW of projects together with Finland’s Will & Must.
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