FRV to sell four photovoltaic power plants in Italy to Munich Re

July 20, 2011


Fotowatio Renewable Ventures has announced the sale of four of their plants in Italy. The plants, which are located in Southern Italy, have a total power of approx. 30 MW, and will be acquired by MunichRe through its asset manager MEAG.

The PV plants were built in 2010 by BP Solar through an Engineering, Procurement and Construction (EPC) agreement, and supply energy to 13,565 households.

In spite of Munich Re holding 100% of the property, Fotowatio Italia Srl, part of the FRV group, will still be in charge of the management of the four plants.

The sale is part of an asset rotation strategy carried out to study investment opportunities in other markets. This approach allowed FRV to expand in Australia by the recent win of an Australian Government tender to build and operate Australia’s first large-scale solar power station (150 MW).

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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.

Scott Mackin

Managing Partner and Co-President, Denham Capital

We’ve greatly enjoyed our collaborative relationship with the team and look forward to seeing FRV continue its success in the future.

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.