FRV, formerly Fotowatio, presents itself as a "global leader in the generation of solar energy"

Fotowatio, which recently announced that it has changed its name to Fotowatio Renewable Ventures (FRV) and launched a new corporate image, has revealed that it has started work to construct three new photovoltaic arrays in Spain with a total capacity of 16.5 MWp, and has successfully inscribed two solar thermal electric projects (100 MW in total) in the Spanish Registry of preliminary assignment of remuneration.

During the presentation of FRV, CEO, Rafael Benjumea, said that the company’s new image “reflects the moment of consolidation and growth that we are currently experiencing, and with which we wish to emphasise our future commitment to the development of solar energy and our wager for quality and technological excellence”.

FRV revealed details of the photovoltaic solar projects (16.5 MWp) and solar thermal electric projects (100 MWp) that it is developing, which Benjumea said will “double its installed capacity in Spain in 2010 from 130 MWp to 246 MWp, giving a new impulse to the vocation of global leader in the generation of solar energy, which has defined FRV since its creation”.

According to Benjumea, FRV's financial strength – the company reports that it has invested more than €700 million in developing and managing solar projects since 2006 – and its commitment to sustainable development “has allowed us to undertake the growth and comply with our plans to establish ourselves as a world reference, with presence and successes on both sides of the Atlantic in the three most demanding markets of the world: Spain, Italy and the US”. The company used the event to also present details of its accounts for 2009, during which FRV generated estimated revenues of €78 million and achieved an estimated EBITDA of €30 million; 233% higher than in the previous year.

The two solar thermal electric plants FRV is developing will be located in Morón de la Frontera (Seville) and Talarrubias (Badajoz), and will have capacity of 50 MWp each. They will be the company’s first plants in the solar thermal electric sector.

FRV has also started construction of two ground-based photovoltaic arrays, of 7 MWp each, in Murcia – specifically in Los Martines del Puerto and Blanca, as well as a 2.6.MWp roof-mounted array (the first of this type to be developed by the company) on the La Marjal Industrial Estate in Alicante.

Internationally, the company plans to focus on consolidating its business model in the US and Italy. FRV started operating in the US in 2009 and claims that it is already one of the leading solar power companies in the country with 35 MW of arrays in operation and a further 400 MW in development. In Italy, FRV is constructing 5 MW of arrays and has an additional 250 MW in the pipeline.

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