Saudi Arabia’s Fotowatio Renewable Ventures sells solar farm in Australia

The US$200 million solar photovoltaic plant, currently under construction, is expected to be completed later this year will power over 40,000 homes in the area.

Fotowatio Renewable Ventures (FRV), part of Saudi Arabia’s Abdul Latif Jameel, has sold its solar farm in Australia.

The company sold its 125 megawatt Clare solar farm in northern Queensland to a fund management consortium including Melbourne-based Lighthouse Infrastructure and Dutch firm DIF.

“As the largest solar developer in Australia, we have a significant pipeline of projects in different phases of execution. We aim to continue investing in new projects in the country,” a company spokesman said.

The US$200 million solar photovoltaic (PV) plant is currently under construction after ALJ Energy secured financial close in January. It is the first plant in the country to obtain funding without a government subsidy, though ALJ Energy declined to give figures.

The project, expected to be completed later this year will power over 40,000 homes in the area.

“This shows the growing strength and competitiveness of solar power, and we’re determined to continue pushing the boundaries of renewable technologies in Australia and around the world,” said Roberto de Diego Arozamena, chief executive of Abdul Latif Jameel Energy.

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