Saudi-owned renewables firm sells stake in Australian group

18 Oct 2021
Saudi-owned renewables firm sells stake in Australian group

Fotowatio Renewable Ventures (FRV), part of Saudi Arabia’s Abdul Latif Jameel Energy, has sold a 49 per cent stake in FRV Australia Group to OMERS Infrastructure

 

Fotowatio Renewable Ventures (FRV), part of Saudi Arabia’s Abdul Latif Jameel Energy, has sold a 49 per cent stake in FRV Australia Group to OMERS Infrastructure.

Under the terms of the transaction, OMERS infrastructure will acquire a 49 per cent interest in FRV’s Australian renewable energy platform – which includes 637MW of photovoltaic (PV) solar capacity across six assets.

In addition to the 637MW of projects under operation or construction, FRV Australia also has a development pipeline of 2.7GW of PV solar projects and 1.3GWh of battery energy storage systems.

The transaction represents an opportunity for FRV, which has been active in Australia since 2010, to grow its portfolio across Australia.

“We look forward to working in partnership with OMERS. Our partnership with OMERS across FRV’s Australian platform will support our continued investment in renewables and renewables-based technologies in Australia. We look forward to combining our skills to deliver on Australia’s renewable energy targets and fast track the country’s renewable energy transition,” Fady Jameel, Deputy President and Vice Chairman, Abdul Latif Jameel, said following the announcement of the stake sale.

The transaction is subject to customary regulatory approvals, with financial close expected by the end of the year.

Credit Suisse and White & Case acted as exclusive financial and legal advisers to FRV respectively, with ICA Partners and Herbert Smith Freehills acting as financial and legal advisers to OMERS Infrastructure, respectively.

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