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Denham forms partnership for global solar deals

The US-headquartered private equity firm has teamed with Spanish solar company FRV and Spanish private equity firm Qualitas Equity Partners to make over $190m of investments in solar energy projects globally.

Private equity firm Denham Capital is the lead investor in a partnership with global solar energy company FRV that will invest “over $190 million” in new solar energy projects in places such as Australia, South Africa, Latin America, Europe and the Middle East. Spanish private equity firm Qualitas Equity Partners and FRV’s founding members are also investors in the partnership.

Since 2006, FRV, which is headquartered in Spain, has participated in the development, construction and financing of more than 350 megawatts (MW) of currently operational solar energy plants in the US, Spain and Italy and, since inception, has developed a pipeline of projects totalling more than 1.5 gigawatts.

In a statement, FRV says it has 185 MW under management, and that a consortium led by FRV is involved in the development process for a 150 MW plant in Australia under the Solar Flagships Program of the Australian government.

“FRV is pleased to have the support of Denham Capital, which brings extensive experience and knowledge of the energy sector,” says Rafael Benjumea, chief executive of FRV, in the statement. “These funds will give FRV the resources needed to continue its position as a global leader in the solar industry.”

FRV says it has previously attracted the support of more than 20 international banks in raising approximately $1.9 billion for projects in the US, Spain and Italy.

Denham Capital, which has $6.5 billion in invested and committed capital, has three US offices as well as in London, Sao Paolo and Singapore. It focuses on the energy and commodities sectors, including thermal and renewable power generation, oil and gas and metals and mining.

Qualitas Equity Partners, based in Madrid, first invested in FRV in 2006 when it made a move into renewable energy investing. It began life in 2003 as a buyout and growth capital investor with a €150 million private equity fund.