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Summary:

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 […]

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.

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  1. Spanish solar company rakes in GE bucks Thursday, July 31, 2008

    [...] Earth2Tech: GE, Landon Invest $350M In Spanish Solar Firm Fotowatio [...]

  2. Soliant Energy Focuses With $21M « Earth2Tech Tuesday, October 14, 2008

    [...] in an undisclosed thin-film startup company as well. Earlier this year GE Energy Financial Services invested $235 million to acquire 32 percent of Fotowatio, a Spanish solar developer. And just yesterday the GE Energy’s investment announced it [...]

  3. Spain’s Fotowatio Expands its Solar Reach in the U.S. « Earth2Tech Monday, March 2, 2009

    [...] and have more than 400 MW in development once the acquisition is closed. Last year, Fotowatio raised $350 million from GE and Landon and, at the time, said it had 960 MW of solar photovoltaic and solar thermal [...]

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