Our History

Over 10 Years Delivering Solutions

Since the founding group was created in 2006, the entrepreneurial spirit of our founders, which has underpinned our dynamic growth, is still at the core of our business today. This spirit, combined with our experience, technical expertise and commitment to delivery, will continue to drive our business in the future.

We have built a solid reputation as a highly professional and credible business amongst our key stakeholders groups, including investors and governments.

Thanks to this reputation, we have received consistent support for our projects, including support for innovative proposals which have broken new ground

The results we have achieved over the last decade are a source of pride for us, and they serve as an encouragement for us to continue to face any challenges that the future may bring with optimism.

FRV TIMELINE

Leyenda_Timeline_English

  • 2006

  • The foundation Group is created

  • First project in construction: La Magascona (Spain), with 23 MW dc the largest PV plant in the world at that time

  • Qualitas Venture Capital (QVC) backs the development of the company and co‐invests with the founding team in a number of solar photovoltaic (PV) energy projects.

  • 2007

  • FRV becomes the first developer of large-scale solar energy projects in Spain

  • 2007

  • Creation of the Asset Management Department

  • 2008

  • FRV develops its first portfolio of energy projects in Europe

  • FRV develops its first portfolio of energy projects in Europe and USA

  • Fundraising round is completed with two institutional investors: General Electric Energy Financial Services (GE EFS) and Grupo Corporativo Landon

  • 2009

  • FRV becomes the first solar PV Independent Power Producer (IPP) in the USA

  • Acquisition of MMA Renewable Ventures, a leading USA-based solar energy developer

  • 2010

  • FRV becomes the first solar PV Independent Power Producer (IPP) in the USA

  • First FRV project commences, acting as developers and EPC (Engineering, Procurement, Construction)

  • Sale of the businesses in Italy the USA and CSP

  • Awarded flagship project in Australia in partnership with BP

  • 2010

  • FRV starts providing AM services to MEAG in Italy

  • 2011

  • FRV becomes a leading PV Independent Power Producer (IPP) worldwide

  • Second phase of FRV’s international expansion commences, with projects explored in emerging markets

  • 2012

  • First solar PV project pipeline developed in Australia (PPA of Royalla, 24 MW dc)

  • Expansion of operations to Middle East, Africa and Latin America (Uruguay, Mexico and Brazil)

  • A third fundraising round is completed with Denham Capital Management LP (Denham)

  • 2013

  • First solar PV pipeline developed in Latin America

  • Financial Close of Royalla, the largest PV project in Australia at that time

  • 2014

  • FRV becomes a leading solar energy developer in emerging markets

  • 24 MWp becomes fully operational in Australia

  • Significant global expansion of the project pipeline commences

  • Financial Close and beginning of construction of 70 MW dc in Australia (Moree, flagship project) and 65 MW dc in Latin America (La Jacinta)

  • 2015

  • FRV acquired by ALJ Global Energy DMCC in March 2015

  • 65 MW dc (La Jacinta) become operational in Latin America

  • Sale of Royalla (24 MW dc) in Australia

  • New Power Purchase Agreements (PPA) signed in Jordan

  • 2016

  • Sale of 24 MWp from Royalla solar farm, Australia

  • PPA of 195 MW dc in Australia (Moree and Clare)

  • PPA of Andhra Pradesh (138 MW dc) in India

  • FRV enters the Mexican Market with 342 MW dc (Potosí Solar)

  • Expansion to wind

  • 2017

  • Financial Close and beginning of construction of Mafraq I and Mafraq II in Jordan (132 MW dc)

  • PPA and FC of 125 MW dc in Australia

  • Sale of 65 MW dc in Uruguay (La Jacinta)

  • Financial Close and beggining of construction of Mafraq I and Mafraq II in Jordan

  • FC and sale of 125 MW dc in Australia (Clare)

  • Awarded 200 MW in Chile in the first hybrid solar-wind project

  • Financial Close of 342 MW dc in Mexico (Potosí)

  • 2018

  • Financial Close of 66 MW dc in Jordan (Safawi)

  • 55 MW dc awarded in Armenia

  • FRV signs two PPAs in Australia for 183 MW dc

  • 139 MW dc start operations in India (Andhra Pradesh)

  • Financial Close of 50 MW dc in Spain (La Solanilla)

  • Decision to change business model and become an IPP keeping the ownership pf the projects

  • Awarded first merchant Project in Mexico (Potrero, 296 MW dc)

  • 2019

  • Lilyvale (125 MW dc) starts operations in Australia

  • Al Safawi (66 MW dc) in Jordan starts operations

  • Financial Close of Potrero solar farm in Mexico (296 MW dc)

  • Team dedicated to exploring the storage and battery space. First battery project.

  • 2020

  • Financial close and PPA for new projects in Australia

  • La Solanilla Solar Plant (50 MW dc) begins operations

José Benjumea

Founder, FRV

We believe that our success needs to have a positive impact in those regions where we operate and that education is the best channel to meet this goal, and to improving the future of those communities that embrace our projects

José Benjumea

Founder, FRV

Everything has to change to stay the same. Energy has to be accessible, clean and sustainable, but if it is not affordable, the change will never come.

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.

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