A New Era of Change

The traditional power industry is currently being reshaped by key megatrends (Decarbonization, Decentralization and Digitalization) that are driven by strong forces at a global level such as:


  • Political agenda (increased climate change/ green  consciousness)
  • New technology (PV, batteries, digitalization, robotics, AI, etc.)
  • Customer expectations (added value services, on-demand, real-time, sharing green,…)
  • New competition (long-term infra investors, oil majors, virtual retailers & generators, etc.)

These three megatrends are inter-related and PV technology has played (and it’s set to continue doing so, together with new technologies such as batteries) a key role in them. As an example of this relationship, falling costs of renewable energy and batteries through new technology and innovation, have increased their competitiveness versus conventional fossil-fuel based power generation, making possible renewable energies to be considered an affordable alternative to fossil fuels, giving a push to the political agenda while providing customers with a product that meets their increased environmental consciousness.

Today PV and wind are already cheaper than building new large-scale coal and gas plants in many of the world major markets. These include India, Germany, Australia, U.S. and China. By 2030, we reach this “tipping point” almost everywhere.


Leading the Energy Transformation

As a leading PV solar company FRV is therefore naturally placed at the centre of the power industry transformation (a position many players are seeking to build today) and has the opportunity to become a relevant player in the future power market.

Leveraging on our experience and expertise in the industry, we have built a business model that combines ownership of a diversified portfolio of clean power generation assets in our key markets, seeking long-term operational and financial optimization, with an increased focus in customer needs arising as a result of the power sector transformation.

During the next 4 years, FRV plans to invest more than US $4 billion in assets with the goal of increasing by eight-fold the total installed capacity of our projects worldwide, growing from 0.7 GW at the beginning of 2019 to 5,8 GW by 2024.

In terms of its geographical reach, FRV is present in many of the global markets undergoing this transformation, such as Australia, Asia, Europe, Mexico, the Middle East and South America.

Our business vision is to become the world’s main platform to build a more sustainable future through renewable energy solutions that improve the lives of people, bringing new opportunities through universal access to clean, efficient and cost-competitive energy

Achievements to Date

Flexibility to adjust and advance business model in response to changing markets

  • One of the first large-scale PV developers, operating largest PV plant worldwide in 2006 (La Magascona, 24 MW dc)
  • Addition of O&M and AM service capabilities since 2007 with own EPC and procurement expertise
  • Change from develop and flip to fully integrated IPP keeping the ownership of assets instead of selling them (2018)

Disciplined focus geographically

  • Focus on high quality markets where FRV has local knowledge and competitive advantage to grow a sizeable portfolio
  • Flexibility to react to changing market conditions
  • Clear focus on core markets and growth regions

Early identification of and investment in technology and industry trends

  • Technical procedures and design features discussed with suppliers and contractors became industry standard
  • In-house team for battery storage since 2017
  • First solar/ wind hybrid project awarded in 2017 in Chile

Pioneer in value- enhancing revenue structures

  • Early learnings in how to be competitive in PPA auction market versus traditional FIT
  • First fully merchant project developed and financed in Australia (Moree, 70 MW dc) in 2016 and Mexico in 2018 (Potrero, 296 MW dc)

Our Mission and Future Vision

Our business vision is to become the world’s main platform to build a more sustainable future through renewable energy solutions that improve the lives of people, bringing new opportunities through universal access to clean, efficient and cost-competitive energy.

Delivering on these goals will create a beneficial impact at a social, economic and environmental level worldwide. We aspire to take the lead in the wider energy industry including pioneering the latest technology improvements to become the preferred partner for any major projects in the sector.

Future Vision

Reach utility scale IPP Platform

  • Sizeable pipeline under development over the coming years in regions with strong potential for renewable growth
  • Explore further vertical integration (storage, energy trading)

Continue targeted growth

  • Focus on core markets and in growing emerging market opportunities
  • Nimble set-up and fast decision-making

Implementation of innovative, return-enhancing technical solutions

  • First storage projects being structures and implemented
  • Further explore hybridation and digitalization

Continue balanced development approach

  • New commercial structures for off take agreements currently being negotiated
  • Flexibility to develop fully merchant projects with gradual de-risking thereafter

Rafael Benjumea

Founder, FRV

At FRV we have a strong commitment to the economic and social development of the markets and communities in which we operate, and we are pleased to be able to deliver on this commitment through this innovative program.

Javier Esquivias

General Deputy Director, Elecnor

FRV has always been a pioneer. From the first time they came to us 10 years ago, they really made an impact with their vision and La Magascona, which was a project of a huge magnitude at that time.

Scott Mackin

Managing Partner and Co-President, Denham Capital

Denham Capital has been proud to partner with the team at FRV for nearly three years in this very successful investment. Rafael, José and their colleagues have captured a leading position in key emerging markets where solar undercuts the marginal cost of electricity.