SPAIN - GE- and Landon-backed Fotowatio acquires MMA

Upon completion of the sale, Fotowatio's US business unit, Fotowatio Renewable Ventures, will be one of the largest solar development companies in the US as measured by megawatts (MW) in operation. Fotowatio will own 35 MW of solar projects in operation and more than 400 MW in development in the US, in addition to the 14-MW project at Nellis Air Force base in Nevada.

Fotowatio has invested more than EUR 700m in solar projects since 2006 and plans to invest up to EUR 2.5bn by 2012 across Spain, Italy and the US. Following completion of the acquisition of MMA Renewable Ventures, Fotowatio's global portfolio will include more than 130 MW of operating solar projects in the US and Spain and more than 1,000 MW under development across the US, Spain and Italy.

In Q3 last year GE Energy Financial and the Landon family office invested EUR 150m and EUR 75m respectively into Fotowatio. The new investors join previous backer Qualitas Venture Capital. Following the transaction, Qualitas holds a 33.5% stake, GE a 32% stake, Landon a 17.5% stake, and the management team hold the balance.

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• Topics
• Expansion
• Southern Europe