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(Bloomberg) — Apollo Global Management Inc. is among suitors looking to buy Spain’s Fotowatio Renewable Ventures from its Saudi parent company, according to people with knowledge of the matter.
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Abdul Latif Jameel Energy & Environmental Services, which fully owns the Madrid-based company, has been working with JPMorgan Chase & Co. on a sale that could value the business at about €2 billion ($2.09 billion), Bloomberg reported previously. Deliberations are ongoing and there’s no certainty they will lead to a transaction, the people said, asking not to be identified as the information isn’t public.
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Representatives from Apollo and Fotowatio declined to comment. Saudi Arabia’s ALJ didn’t reply to calls and messages seeking comments.
The deal would be among the largest in Spain’s fast-growing clean energy industry, which has increasingly drawn the attention of international investors. Brookfield Asset Management and Abu Dhabi’s Masdar have also bought renewable energy assets in the country.
Fotowatio was founded in 2006 and has a portfolio of more than 3.5 gigawatts across the globe, according to its website. ALJ bought the business in 2015 for an undisclosed amount.
The Saudi firm had already tried to sell the Spanish company in 2019. State-owned China Three Gorges Corp. and Shanghai Electric Power Co. considered an acquisition at the time, Bloomberg News reported, but the deal was halted due to the outbreak of the Covid-19 pandemic. The company also went through an internal reorganization.
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