FRV to sell four photovoltaic power plants in Italy to Munich Re

07/20/2011

Madrid, 20 July 2011 -- Fotowatio Renewable Ventures has announced the sale of four of their plants in Italy. The plants, which are located in Southern Italy, have a total power of aprox. 30 MW, and will be acquired by MunichRe through its asset manager MEAG.
The PV plants were built in 2010 by BP Solar through an Engineering, Procurement and Construction (EPC) agreement, and supply energy to 13,565 households.
In spite of Munich Re holding 100% of the property, Fotowatio Italia Srl, part of the FRV group, will still be in charge of the management of the four plants.
The sale is part of an asset rotation strategy carried out to study investment opportunities in other markets. This approach allowed FRV to expand in Australia by the recent win of an Australian Government tender to build and operate Australia’s first large-scale solar power station (150MW).

About FRV
FRV is an independent producer of energy that operates worldwide, committed to the development and functioning of solar plants. Currently, FRV is one of the largest solar energy companies in the world with over 241 MW operating or under construction, and more than 2.200 MW being developed.
FRV develops solar energy projects through a solid and disciplined development process, which includes the acquisition of locations, the interconnection, the financing and the development of the plant. FRV has offices in San Francisco (U.S.A.), Sydney (Australia), Madrid (Spain) and Torino (Italy), and shareholders such as GE Energy Financial Services, Grupo Landon, and Qualitas Venture Capital.