Abdul Latif Jameel revives sale of FRV - report

Saudi Arabian diversified business group Abdul Latif Jameel has renewed attempts to sell its Madrid-based clean energy platform Fotowatio Renewable Ventures (FRV), Spanish business newspaper Expansion reported on Monday citing market sources.

JPMorgan is said to be back as the financial advisor in the deal, which values 100% of FRV at around EUR 1 billion (USD 1.06bn), excluding debt, estimated to be between EUR 1.2 billion and EUR 1.5 billion, according to sources cited by Expansion.

Potential buyers received transaction documentation last week, and non-binding offers are expected on December 17. Australian fund IFM and Canadian investor and asset manager Omers Infrastructure are mentioned as parties interested in the acquisition, Expansion reports.

Omers Infrastructure is part owner of FRV’s Australian arm.

JPMorgan was tasked with helping Abdul Latif Jameel sell FRV back in 2019, as Expansion reported at the time. The negotiations, reportedly with Egypt’s EFG Hermes, were cut short by the Covid-19 pandemic and its economic effects, the newspaper said.

Plans to sell partial stakes in FRV in early 2023 were delayed by a family restructuring at Abdul Latif Jameel, according to Expansion.

FRV is owned by Abdul Latif Jameel Energy, the Saudi group’s energy unit. The renewables firm has 3,636 MW of wind, solar and other clean energy assets in its global portfolio, including 1,777 MW in operation, according to its website.

(EUR 1.0 = USD 1.061)

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