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Saudi-backed clean energy firm announces push into Europe

Fotowatio Renewable Ventures opens another solar farm in Extremaduara, Spain
  • Renewables firm FRV has three solar projects in Extremadura, Spain
  • Company has opened offices in the UK and Germany
  • Expects to invest more than $ 1.5bn globally

Fotowatio Renewable Ventures, part of Saudi-based Abdul Latif Jameel Energy, has announced the commissioning of its latest solar farm in Spain as part of a major push into Europe.

The San Serván 400 project, which consists of three 50 megawatts farms, will provide over 100,000 homes with clean energy in the Extremadura region in the west of Spain. 

It will produce around 300 gigawatt hours of clean energy per year, helping avoid the emissions of 223,000 tonnes of carbon dioxide annually, and will contribute to Spain’s plan to achieve net zero by 2050.

San Serván 400 is Fotowatio’s (FRV’s) third project in operation in Extremadura, following the commissioning of San Serván 220 last year and La Solanilla in 2020. bIts construction was carried out with a $94 million financing agreement with Banco Bilbao Vizcaya Argentaria and Natixis.

FRV is also constructing the Carmonita Norte PV complex in Extremadura in September.

The company, which specialises in renewable energy solutions for commercial and industrial customers, has also opened a new headquarters in the UK and Germany since the beginning of the year. The London office will be home to its global batteries excellence centre.

In the UK FRV has more than 80mw of projects in operation, 200mw under construction and more than 1gw under development.  

In Germany it plans to develop 2gw of solar, battery energy storage and renewable installations over the next four years for 790,000 households.

Globally, FRV expects to invest more than $ 1.5 billion with the goal of doubling total installed capacity from 2gw in 2021 to 4gw in 2024.