Since GE Energy Financial Services of Stamford invested in a Spanish alternative energy company, the venture has sunflowered.
Only two months after GE”™s 150-million euro investment in Fotowatio, the company has acquired four solar photovoltaic power plants in Spain producing 32 megawatts of clean energy.
The company now operates 90 megawatts of solar plants, making it one of the world”™s largest solar photovoltaic plant operators.
The GE investment also enabled Fotowatio to grow its pipeline of solar projects in development from approximately 900 megawatts to 1,100 megawatts across Spain, Italy and the U.S.
“The expansion of our development pipeline combined with this acquisition have significantly increased our portfolio and represent the kind of growth we expect to continue in Spain and other key markets,” said Rafael Benjumea, CEO of Fotowatio.
The four plants are Calasparra I and II and Fuente Alamo II and III, purchased from GA Solar, a subsidiary of Spain-based Corporación Gestamp. The plants are fully operational and supply power to Spain”™s electricity grid.
The financial details of the transaction were not disclosed.
This investment comes just two months after GE Energy Financial Services and Grupo Corporativo Landon ”“ also a partner, along with Qualitas Venture Capital ”“ said they will invest 150 million euros and 75 million euros respectively, in Fotowatio.
“Fotowatio”™s expansion in such a short period underscores the company”™s strong leadership and its ability to execute on its growth strategy, which is what attracted GE Energy Financial Services to the company,” said Andrew Marsden, managing director for Europe at GE Energy Financial Services. “We look forward to continuing to work with Fotowatio as it expands its portfolio and brings clean, solar-generated power to thousands of homes and businesses.”
