Fotowatio, one of Spain’s largest independent solar power producers, has agreed to purchase the core U.S. solar power assets–including the largest U.S. solar photovoltaic installation, at Nellis Air Force base–of San Francisco-based MMA Renewable Ventures.
MMA Renewable Ventures is a wholly owned subsidiary of Municipal Mortgage & Equity, LLC (OTC: MMAB.PK). Financial terms of the acquisition were not disclosed.
Upon completion of the sale, Fotowatio’s U.S. business unit, Fotowatio Renewable Ventures, will be one of the largest solar development companies in the United States as measured by megawatts in operation. Fotowatio will own 35 megawatts (MW) of solar projects in operation and more than 400 MW in development in the United States, and will gain an experienced solar development and operations team.
In addition to the 14-MW project at Nellis Air Force base in Nevada, the US-wide portfolio also includes a highly visible solar array at Denver International Airport and what is said to be the world’s largest thin film solar installation using CIGS technology–in 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 US$880 million in solar projects since 2006 and plans to invest up to US$3.2 billion by 2012 in Spain, Italy and the United States, the company said in a release.
Following completion of the acquisition of MMA Renewable Ventures, Fotowatio’s global portfolio will include more than 130 MW of operating solar projects in the United States and Spain and more than 1,000 MW under development across the United States, Spain and Italy.
Fotowatio’s US business unit will focus exclusively on the development of commercial- and utility-scale solar projects throughout the United States. As an independent solar power producer, Fotowatio Renewable Ventures will develop, own and operate solar power plants and provide clean electricity to its customers under long-term contracts.
Fotowatio’s purchase of MMA Renewable Ventures’ solar platform is its third in the past seven months. In January 2009, Fotowatio acquired a 6.3 MW solar project in Spain from Solaria. In September 2008, Fotowatio acquired from Corporación Gestamp four solar photovoltaic power plants producing 32 megawatts in Spain.
Fotowatio’s shareholders include Qualitas Venture Capital (33.5%), GE (NYSE:GE) unit GE Energy Financial Services (32%), Grupo Corporativo Landon (17.5%) and the management team (17%).
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