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August 04, 2008
Madrid's Solar Energy Firm SolarWatio Raises Euros225M From GE/Others
Spanish solar power project developer Fotowatio has raised $350M from GE Energy Financial Services and Grupo Corporativo Landon.
Fotowatio is developing 960 megawatts of solar projects in Spain, Italy and the US. It currently has 4 operational facilities.
GE Energy Financial Services will invest Euros150M in equity and convertible debt to acquire 32% while Grupo Corporativo Landon, a family-owned Spanish holding company, will invest Euros75M in equity to acquire 17.5% of a new holding company, Fotowatio SL. The existing Spanish investors will own the remaining 50.5%: Qualitas Venture Capital own 33.5%, and Fotowatio's management will own 17%.
At a time when wind seems to be getting a lot of attention and solar companies are facing a tough go, its nice to see SolarWatio grab some mojo.
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Posted on August 4, 2008 07:13 AM | Posted to Alternative Energy | Permalink
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