Fotowatio Raises $350 Million

Fotowatio, a Spanish solar power project developer, has raised around $350 million from GE Energy Financial Services and Grupo Corporativo Landon. Existing investors include Qualitas Venture Capital and company management.


GE Energy Financial Services, a unit of GE (NYSE: GE), and Grupo Corporativo Landon announced today they will invest about US $350 million in Fotowatio, one of Spain's largest and most successful solar power project developers. Fotowatio owns, operates and is developing almost 960 megawatts of solar projects in the fast-growing solar power markets of Spain, Italy and the United States. Existing investors in Fotowatio comprise investment fund Qualitas Venture Capital and Fotowatio's management.

By facilitating the growth of one of the solar industry's leading developers, this investment gives us immediate access to attractive solar markets in Europe and the United States and will form an important part of GE's broader strategy to become a major player in solar power, said Alex Urquhart, President and CEO of GE Energy Financial Services. GE has all the right ingredients to succeed in solar: capital, technology, research and ecomagination. Ecomagination is GE's program to help its customers meet their environmental challenges while expanding the company's own portfolio of cleaner energy products.

During the past two years, Fotowatio has quickly grown into one of Spain's largest operators and developers of solar power, said I