Spanish firm to become US solar power leader
One of Spain’s largest solar power companies is on track to achieve similar status in the US now that it’s agreed to a major purchase of solar energy facilities there.
Fotowatio this week agreed to buy the core solar assets of MMA Renewable Ventures, which is a wholly owned subsidiary of Municipal Mortgage & Equity, LLC. Those assets include a 14-megawatt installation at Nellis Air Force Base that is the largest photovoltaic facility in the US.
In all, the acquisition will bring Fotowatio 35 megawatts of existing solar facilities, with another 400 megawatts in development. In addition to the Nellis installation, other facilities that are part of the deal include “the nation’s most visible solar array” (Denver International Airport) and “the world’s largest thin film solar installation using CIGS technology (Arizona).
“This acquisition will significantly expand Fotowatio’s portfolio, allowing us to meet our aggressive growth targets earlier than anticipated,” said Rafael Benjumea, CEO of Fotowatio. “With the addition of MMA’s assets and talented development team, we will be poised to expand in fast-growing markets in the United States, Spain and Italy.”
Fotowatio has invested more than €700 million in solar projects since 2006, and plans to invest up to €2.5 billion more by 2012 in Spain, Italy and the US. Once this latest acquisition is complete, the company will have more than 130 megawatts of operating solar facilities in the US and Spain, with more than 1,000 megawatts more under development.
