Connect with us

Featured

Omers Acquires 49% of the Australian Subsidiary of Fotowatio

OMERS Infrastructure’s global renewable energy holdings include Leeward Renewable Energy, a growth-oriented renewable energy company that owns and operates a portfolio of 22 renewable energy facilities in nine U.S. states, totaling more than 2 GW of installed capacity. The transaction is subject to customary regulatory approvals and financial closing is expected by the end of the year.

Published

on

The Abdul JLatif Jameel Group, owner of Fotowatio Renewable Ventures, has announced the sale of a 49% stake in its Australian subsidiary to Omers Infrastructure.

Under the terms of the transaction, Omers will acquire a 49% stake in FRV’s Australian renewable energy platform, which includes 637 MWdc across six operational and under construction solar PV assets located in strong grid areas and whose power and green certificates are contracted with high-quality counterparties, as well as a development portfolio comprising 2.7GWdc of solar PV projects and 1.3GWh of battery storage projects.

read more on the subject and find the most important financial news of the day with our companion app Born2Invest.

The deal represents a milestone for FRV, which has been present in Australia since 2010

It follows a fundraising process initiated earlier this year and will allow FRV to achieve sustained growth in the country.

Daniel Sagi-Vela, CEO of FRV, said: “We are delighted to partner with OMERS, a leading global energy investor with extensive experience in financing renewable energy development projects. This partnership will enable us to combine our collective expertise to leverage investment and grow our leading position in renewable generation in Australia”.

Carlo Frigerio, Managing Director of FRV Australia added: “This partnership will accelerate FRV’s consolidation as one of the market leaders in renewable energy in the country and also the expansion of our footprint in new technologies.”

Fady Jameel, deputy chairman and vice chairman of Abdul Latif Jameel, said: “We are delighted to be working together with OMERS. The integration of OMERS into FRV’s Australian platform will support our continued investment in renewable energy and renewable-based technologies in the country. In doing so, we look forward to bringing our capabilities to bear in meeting national renewable energy targets and accelerating the energy transition.”

SEE ALSO  Consumers push back against travel industry extra charges

Cristopher Curtain, OMERS Senior Management Director for Asia Pacific, noted: “In line with our long-term strategy, OMERS looks forward to partnering with FRV to develop a multi-technology renewables platform in Australia. In doing so, we are committed to leveraging our extensive experience as a leading global renewables investor and working collaboratively with FRV and FRV’s management in Australia to further grow the platform.”

OMERS Infrastructure’s global renewable energy holdings include Leeward Renewable Energy, a growth-oriented renewable energy company that owns and operates a portfolio of 22 renewable energy facilities in nine U.S. states, totaling more than 2 GW of installed capacity. Leeward is actively developing new wind, solar, and energy storage projects in U.S. energy markets. Omers Infrastructure also owns an approximately 19.4% interest in Azure Power Global Limited, a leading independent renewable energy producer located in India, with an asset base of 2 GW of operating capacity and 5 GW of capacity under construction or awarded.

The transaction is subject to customary regulatory approvals and financial closing is expected by the end of the year. Credit Suisse and White & Case have acted as exclusive financial and legal advisors to FRV respectively, and ICA Partners and Herbert Smith Freehills have acted as exclusive financial and legal advisors to Omers respectively.

__

(Featured image by mrganso via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in elEconomista.es, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Daphne Freeman has worked in the crowdfunding and impact investing industry for the past few years, gaining experience in marketing, and connecting businesses and entrepreneurs in need with the right investors. As a seasoned grant writer as well as financial market journalist, she is passionate about making a social impact in the world. A free spirit, Daphne also enjoys writing and exploring topics of interest, currently CBD, health and beauty, and social media influencers.

Continue Reading