Spanish solar company Fotowatio Expands in the U.S.
San Francisco-based MMA Renewable Ventures develops, finances, owns and operates renewable energy projects including solar and wind but will now focus exclusively on solar projects. Total MMA Renewable Ventures transaction production in 2008 was $115 million, down from $234 million in 2007.
Madrid-based Fotowatio, recently backed by an injection of capital from GE Financial Services and Grupo Landon, has developed nearly 100 megawatts of solar projects in Spain. It has invested more than $880 million in solar projects since 2006 and plans to spend up to $3.2 billion by 2012 on expanding its portfolio in Spain, Italy and the United States, company sources said.
MMA Renewable Ventures has developed 40 megawatts of renewable solar projects, including the 14 megawatt solar system at Nellis Air Force base just outside of Las Vegas. When completed in 2007, it was the largest solar project in the United States. Fotowatio is also acquiring the solar array at Denver International Airport, the CIGS thin-film installation in Arizona, solar panels on Colorado parking garages, and a solar project powering a rice farm in California.
With the purchase of MMA, its third in the past seven months, Fotowatio Renewable Ventures is expected to become one of the largest solar development companies in the United States in terms of megawatts in operation. It will own 35 megawatts of solar projects in operation and more than 400 megawatts in development in the United States. The company’s global portfolio will expand to more than 130 megawatts of operating solar projects in the United States and Spain and more than 1,000 megawatts under development across the United States, Spain and Italy.