Saudi Arabian diversified business group Abdul Latif Jameel has renewed efforts to sell its Madrid-based clean energy platform, Fotowatio Renewable Ventures (FRV), according to a report by Spanish business newspaper Expansion. The deal is valued at approximately EUR 1 billion (USD 1.06 billion) for 100% of FRV, excluding debt, which is estimated to range between EUR 1.2 billion and EUR 1.5 billion.
JPMorgan has returned as the financial advisor for the transaction, which has already begun circulating transaction documentation to potential buyers. Non-binding offers are expected to be submitted by December 17. Among the reported interested parties are Australian fund IFM and Canadian asset manager Omers Infrastructure, with Omers Infrastructure being a part-owner of FRV's Australian operations.
This marks a renewed attempt to sell FRV after previous efforts in 2019, when JPMorgan had assisted Abdul Latif Jameel in negotiations with Egypt's EFG Hermes, though the sale was interrupted by the Covid-19 pandemic. Further plans to sell partial stakes in FRV were delayed by a family restructuring within Abdul Latif Jameel in 2023.
FRV is a significant player in the global renewable energy sector, with 3,636 MW of wind, solar, and other clean energy assets in its portfolio, including 1,777 MW currently in operation. It is part of Abdul Latif Jameel Energy, the group's energy division.
