Fotowatio, a Spain-based independent solar power producer, has agreed to purchase the core U.S. solar power assets of San Francisco-based MMA Renewable Ventures, a wholly owned subsidiary of Municipal Mortgage & Equity LLC.
Upon completion of the sale, Fotowatio's U.S. business unit, Fotowatio Renewable Ventures, will be one of the largest solar development companies in the U.S., as measured by megawatts in operation, Fotowatio says. The company will own 35 MW of solar projects in operation and more than 400 MW in development in the U.S., and will gain one of the country's most experienced solar development and operations teams.
In addition to the 14 MW project at Nellis Air Force base in Nevada, notable projects in the portfolio will include a solar array at Denver International Airport and the world's largest thin-film solar installation using CIGS technology, according to the company.
‘This acquisition will significantly expand Fotowatio's portfolio, allowing us to meet our aggressive growth targets earlier than anticipated,’ says Rafael Benjumea, CEO of Fotowatio. ‘With the addition of MMA's assets and talented development team, we will be poised to expand in fast-growing markets in the United States, Spain and Italy.’