FRV and Denham Capital to Partner in Global Solar Enterprise
- FRV brings its industry leading franchise in development, construction andoperation of large scale solar plants to emerging solar markets
- Denham Capital is a leading global energy-focused private equity firm, with astrong track record in renewable investments
Boston and Madrid, March 8, 2012 - FRV has entered into a partnership with Denham Capital, a leading global energy focused private equity firm, to invest over US$ 190 million in new solar energy projects across a broad range of geographies. The partnership with Denham Capital will strengthen FRV's ability to make investments in global solar markets, including Australia, South Africa, Latin America, Europe, and the Middle East. The partnership will consider acquisitions where FRV's core competencies can add value. FRV will continue to provide asset management services to existing partners and will opportunistically consider new asset management contracts.
Denham Capital will be the lead investor in FRV, providing capital to be invested in solar energy projects worldwide, alongside Spanish private equity firm Qualitas Equity Partners and FRV's founding members.
FRV has an established record in the solar sector. Since 2006 it has participated in the development, construction and financing of more than 350 MW of solar energy plants currently operational in the United States, Spain and Italy and since its inception led the development of a pipeline of projects totaling more than 1.5 GW.The company has over 185 MW under management and a consortium led by FRV is involved in the development process for a 150 MW plant in Australia within the Solar Flagships Program of the Australian Government.
"FRV is pleased to have the support of Denham Capital, which brings extensive experience and knowledge of the energy sector. These funds will give FRV the resources needed to continue its position as a global leader in the solar industry. In addition to its investments in strategic markets including Australia, South Africa, Latin America, Europe and the Middle East, FRV will review other opportunities in new markets where the economic, energy, and regulatory policies make such investments attractive.
Denham Capital clearly understands what it takes to be successful in global solar development and we are delighted to have them as our anchor investor", said Rafael Benjumea CEO of FRV.
Scott Mackin, Managing Partner and Co-President at Denham Capital and head of the firm's global Power & Renewables team, said: "We are delighted to be working with FRV to support the development of its solar business across a new range of exciting geographies. The FRV team has had great successes and is unique in its ability to bring a recognizable franchise to any market it enters; a key differentiating factor to others in the market. Denham Capital has a history of backing strong management teams and our global reach and power and renewable expertise adds significantly to the strong foundation FRV offers as the pre-eminent international solar development team. They have an outstanding track record in the sector and have worked with only the best of partners. It is great to be working with them."
FRV is a global solar company that develops, builds and operates solar plants. It is one of the largest solar energy companies in the world and since its formation in 2006; it has participated, in the development of more than 350 MW of solar energy in the United States, Spain and Italy. Additionally, the company has a significant development pipeline of over 750 MW including projects in Europe, Australia, South Africa, India, Latin-America and the Middle-East, both in photovoltaic and CSP technologies.
With a world class team, FRV has successfully financed projects for approximately $ 1.9 billion in the US, Spain and Italy, with over 20 leading international banks.
About Denham Capital
Denham Capital is a leading energy-focused global private equity firm. Denham Capital advises funds with approximately $6.5 billion of invested and committed capital. Denham makes direct investments in the energy and commodities sectors, including businesses involving thermal and renewable power generation, oil and gas, and metals and mining. With offices in Boston, Houston, Short Hills (New Jersey), London, Sao Paulo and Singapore, Denham invests globally, with investments currently in the US, Canada, the Caribbean, South America, South Africa, New Zealand, Europe and Asia. Denham invests across all stages of the corporate lifecycle, from exploration and development projects to mature, operating businesses, and all segments of the capital structure. For more information about Denham Capital, visit www.denhamcapital.com.
About Qualitas Equity Partners
Qualitas Equity Partners (QEP) is an investment management company founded in 2003 with the purpose of identifying and managing alternative private assets. QEP began as a private equity firm managing a fund of € 150 million to invest in buy-outs and growth capital in Spain. Its historical portfolio includes seven companies. Following a number of successful exits from these portfolio companies, Qualitas currently manages three remaining companies. In 2006, QEP started its activity in renewable energies with an investment in Fotowatio Renewable Ventures (FRV), initial investment of its Renewable Energy practice. For more information about Qualitas Equity Partners, visit www.qualitasequity.com.