Abdul Latif Jameel Energy and Environmental Services (Abdul Latif Jameel Energy and ES) has announced the acquisition of Fotowatio Renewable Ventures (FRV), a major global developer of solar power plants for an undisclosed sum. The sellers were Denham Capital, Qualitas Venture Capital and founder shareholders.

Abdul Latif Jameel Energy and ES’ acquisition of FRV is a natural next step in its multi-year energy strategy and follows the successful joint venture partnership announced between the two companies in January 2014.

Mohammed Abdul Latif Jameel, chairman and president of Abdul Latif Jameel, said: “This is a major development of our energy business and a part of our ongoing strategy. The acquisition is a strong signal of our intent to become a leading player in the global renewables energy sector and gives us a market leading position in solar power plant development. We will continue to pursue further acquisitions in the renewables sector in support of the MENAT region’s growing power demand and in doing so, we look to build local capacity and leave a lasting legacy of energy sector expertise.”

Roberto de Diego Arozamena, CEO, Abdul Latif Jameel Energy and ES stated: “Our acquisition of FRV strengthens our position within the solar PV sector with the goal to become an independent power producer. Our decision to acquire FRV was based on their specific set of skills, pioneering position in solar PV power plant development, and their technology independent approach.”

Rafael Benjumea, CEO of FRV noted: “Our global track record backed up by Abdul Latif Jameel Energy and Environmental Services’ financial strength and presence across the MENAT region, will significantly increase our ability to build scale, geographical reach as well as establish our leadership in diversifying national energy production in strategic markets across the world. I would like to thank Denham Capital and Qualitas Venture Capital for their support in developing the FRV business over the last three years.”