Upon completion of the sale, Fotowatio’s US business unit, Fotowatio Renewable Ventures, could be one of the largest solar development companies in the USA measured by megawatts in operation. Fotowatio will own 35 MW of solar projects in operation and more than 400 MW in development in the USA.
Fotowatio’s US business unit will focus exclusively on the development of commercial- and utility-scale solar projects throughout the USA.
Fotowatio’s total global portfolio will include more than 130 MW of operating solar projects in the USA and Spain and more than 1 GW under development across the USA, Spain and Italy, following completion of the acquisition of MMA Renewable Ventures.
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 four solar photovoltaic power plants producing 32 MW in Spain from Corporación Gestamp.