The Gulf region group Abdul Latif Jameel Energy and Environmental Services (“Abdul Latif”) has entered an agreement to acquire Fotowatio Renewable Ventures (FRV), a Spanish solar energy company.

This is the first major sale of a Spanish group in the solar energy sector and the second in the renewable energy sector, since the reform of the Spanish energy sector in 2014.

Abdul Latif will buy Fotowatio’s shares from (i) Denham Capital; (ii) Qualitas Venture Capital funds, of the Timón group; and (iii) the founding shareholders.

With this transaction, Abdul Latif acquires a portfolio of 3.8 gigawatts of solar energy projects in countries including Australia, Uruguay and Brazil.

The Cuatrecasas, Goncalves Pereira legal team advising on this transaction was made up by partner Francisco José Martínez, senior associate Ángel Cobos and associate José Manuel Llano (Corporate and Commercial Practice) and partner Agustín Cerdá (Finance Practice).