RIYADH: Saudi-based Abdul Latif Jameel Energy’s renewable business Fotowatio Renewable Ventures, known as FRV-X, has announced the investment of $9.7 million in solar-as-a-service provider ecoligo as the firm continues playing its part to drive the global transition towards renewable energy.
According to a press release, Berlin-based ecoligo has been implementing projects financed by investors since 2016, and has launched 169 projects with a total output of 82.4 megawatt peak in emerging markets across three continents.
The press release further noted that ecoligo will use this investment to grow sustainably, expand existing markets, and effectively contribute to the global energy transition.
The German firm is also eyeing to further develop its digital impact investing platform and offer more investment opportunities in its projects across the world.
“Both FRV-X and ecoligo share the same vision of democratizing the energy transition and creating a clean future for people around the world, and in particular, those in the global south,” said Fady Jameel, deputy president and vice chairman of Abdul Latif Jameel.
He added: “We will continue to look for opportunities to make impact-driven investments that support our efforts in initiating, driving, and maintaining the green energy transition.”
Martin Baart, CEO of ecoligo, said: “With impact investors such as FRV-X, we have found the perfect partner to enable even more companies in emerging markets to access clean energy. Through the alliance, we will not only be able to expand our growth, but also offer more people the opportunity to contribute to the global energy transition through private investments.”
