GE Energy Financial Services and Spanish holding company Landon Corporate Group say they will invest a combined $350 million into Spanish solar developer Fotowatio. GE will invest $235 million to acquire 32 percent of Fotowatio and the Landon Corporate Group will invest $118 million to obtain 17.5 percent of a newly formed holding company Fotowatio SL.
The deal is potentially more than just cash flow for Fotowatio. In the release, the CEO of the four-year-old, Madrid-based company, Rafael Benjumea, says the deal could give the company access to GE’s solar modules and steam turbines. Solar developers say that the backlog of steam turbine can hold up solar projects for years at a time, so access to GE’s supplies is actually a pretty big deal.
While not a well-known firm in the United States, Fotowatio says it has 960 megawatts of solar projects installed or in development in Spain, Italy and the United States. The company uses both solar photovoltaics and solar thermal for its plants.