GE Energy Financial Services and Landon invest in Spanish solar firm Fotowatio
GE Energy Financial Services, a unit of GE and Landon Corporate Group announced today they will invest about US $350 million (EUR 225 million) in Fotowatio, one of Spain’s largest and most successful solar power project developers, founded in 2004.
Fotowatio’s portfolio includes more than 50 megawatts in operation, distributed in 3 solar farms in the Spanish region of Extremadura, and one in Castilla-La Mancha. and more than 900 megawatts of projects in development in Spain, Italy and the United States. Fotowatio uses solar photovoltaic technology, as well as concentrated solar power technology. It has offices in Madrid, Italy and Washington DC.
GE Energy Financial Services will invest US $235 million (EUR 150 million) in equity and convertible debt to acquire 32 percent and Landon, a family-owned Spanish holding company with diversified investments, will invest US $118 million (EUR 75 million) in equity to acquire 17.5 percent of a new holding company, Fotowatio SL. The existing Spanish investors will own the remaining 50.5 percent: Qualitas Venture Capital will own 33.5 percent, and Fotowatio’s management will own 17 percent.
“Fotowatio is one of the most successful solar power developers in Europe, with a management team that has demonstrated development and operational capabilities,” said Andrew Marsden, Managing Director for Europe at GE Energy Financial Services. “This investment will contribute to GE Energy Financial Services’ goals of investing US $6 billion in renewable energy worldwide by 2010 as well as US $5 billion outside the US by 2010.”
“With the capital injections from our investors and potential access to GE’s solar modules and steam turbines, Fotowatio can expand its portfolio in growing markets and bring clean, solar-generated power to thousands of homes and businesses across the globe,” said Rafael Benjumea, CEO of Fotowatio.