Denham Capital leads $190m FRV deal

Spanish private equity house Qualitas Equity Partners, previous investors in the company and FRV's founding members provided co-investment.

The funding will underpin the organic and acquisitive growth of the company and reflects Denham Capital's focus on the energy and commodities sector.

Previous funding
Qualitas provided initial investment in FRV in 2006. In 2008, FRV received a capital increase of €225m from General Electric Energy Financial Services and Landon Corporation, investing €150m and €75m respectively, to boost the growth of the company. Following the transaction, Qualitas held a 33.5% stake, GE a 32% stake and Landon a 17.5% stake, while the management team retained the balance.

Company
FRV is a Madrid-based solar company that develops, builds and operates solar plants. Since its establishment in 2006, it has developed more than 350MW of solar energy in the US, Spain and Italy, where it has financed projects totalling around $1.9bn with international banks.

The company also has significant projects in Europe, Australia, South Africa, India, Latin America and the Middle East in photovoltaic and CSP technologies.

People
Scott Mackin is managing partner and co-president at Denham and oversaw the transaction as head of the firm's global power & renewables team. Rafael Benjumea is CEO of FRV.

Advisers
Equity (Denham Capital) – Norton Rose (Legal).

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• Topics
• Southern Europe
• Expansion
• Infrastructure
• Spain