GE Energy Financial Services and Grupo Corporativo Landon are investing about $350 million in Fotowatio, a Spain-based solar power project developer. Fotowatio owns, operates and is developing almost 960 MW of solar projects in Spain, Italy and the U.S.
Existing investors in Fotowatio comprise investment fund Qualitas Venture Capital and Fotowatio's management. GE Energy Financial Services will invest $235 million in equity and convertible debt to acquire 32% of the company, and Grupo Corporativo Landon will invest $118 million in equity to acquire 17.5%.
SOURCE: GE Energy Financial Services