FRV will duplicate total installed power in 2010

January 13, 2010

  • The company initiates activity in the thermosolar energy sector with two
    100 Mw projects
  • The company also been awarded contracts for the development of three photovoltaic solar energy installations totalling more than 16 MW
  • FRV’s estimated sales increased to EUR 78 million during 2009 and an estimated EBITDA of EUR 30 million, 233% more than the previous period
  • The company introduces its renewed image, reflecting the integration of its international divisions and inching towards its efforts to become a leading global solar energy company

FRV has launched the construction of three new photovoltaic projects in Spain with a total power of 16.5 MWp and has been awarded the two thermosolar projects that it recently presented to the Ministry of Industry with a total of 100 MW in power potential. These two adjudications mark the company’s entry into the thermosolar sector. Consequently, the company will practically duplicate its power installed in Spain in 2010, from 130 MWp to more than 246 MW. FRV sales increased to EUR 78 million during the last period. The company obtained an Ebitda of EUR 30 million, 233 % more than in 2008. In addition, Rafael Benjumea, FRV’s CEO, and Borja Guinea, Managing Director, introduced the new corporate image.

FRV’s Strategic Plan

To complete this objective, Rafael Benjumea, stated “FRV is committed to developing a global business model, with a strong industrial component, based on technological independence and a commitment to long term presence.” “Our financial strength and vocation for permanency has allowed us to welcome growth and fulfil our planned objectives, positioning us as a global reference, with presence and success on both sides of the Atlantic: Spain, Italy and the U.S.,” he added. On the domestic front, FRV’s strategy includes entry into the thermo solar sector and the consolidation of its presence in the photovoltaic sector. The two thermosolar installations will be located at Morón de la Frontera (Seville) and in Talarrubias (Badajoz), each with a 50 MW power potential. Further, the company launched the construction of two photovoltaic plants on the ground, 7 Mwp each, in the province of Murcia, specifically in Los Martines del Puerto and Blanca. Additionally, an upper deck roof mount of 2,6 Mwp, the first FRV of this type in Spain, will be located in the “La Marjal” Industrial Area, in Alicante. On the international front, the company’s plans will be focused on the consolidation of its business in the United States and in Italy. In the United Status, where the company initiated activity in 2009, FRV is now one of the leading solar energy companies and has fully functional photovoltaic installations with power potential totalling 35 MW and more than 400 MW under development. Italy has, 5 MW under construction and more than 250 under development.

FRV’s New Corporate Image

This morning, the company’s executive team presented the new corporate image, a change which includes a name change to Fotowatio Renewable Ventures (FRV). With this renovation, FRV adjusts the name and the company image to its new corporate reality, integrating its international divisions and moving one step further in its efforts towards becoming a global leader in the generation of solar energy. As Rafael Benjumea explained, “The new image reflects the period of consolidation and growth that FRV is experiencing. We would like to underscore our commitment to the future development of solar energy and our commitment to quality and technological excellence”. Centred on the new corporate trademark, the company’s renewed image is defined by the combination of the representative symbol, the logo and corporate colors. The circle icon represents the sun, reflecting FRV’s activity. Both transparency and simplicity are emphasized as the fundamental traits of the FRV spirit and the firm’s commitment to sustainable development and a clean and lasting energy model.


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Gianfranco Carassale

Lead Investment Officer, Inter-American Investment Corporation (IIC)

They are known for their expertise in solar technology as well as for their deep knowledge of the process, the financial structure and the energy market as a whole. This enables them to be extremely competitive. This way they reach efficiency and maximize profits, developing economically viable projects even at very tight and ambitious price targets.

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.