OMERS Infrastructure invests A$700m in Australian solar power firm

OMERS Infrastructure has acquired a 49% interest in an Australian solar power platform from Fotowatio Renewable Ventures (FRV), a developer of utility-scale renewable energy projects.

A person with knowledge of the transaction told IPE Real Assets that OMERS Infrastructure “paid upwards of A$700m” (€447m) for FRV Australia.

OMERS Infrastructure declined to comment on the price.

FRV Australia, part of Abdul Latif Jameel Energy, operates a renewable energy platform, including 637MWdc of six operational and under- construction solar PV assets around Australia.

It has a development pipeline of around 2.7GWdc of solar PV projects and around 1.3GWh of battery energy storage system assets.

Daniel Sagi-Vela, CEO of FRV, said FRV’s partnership with OMERS would allow his company to drive investment and extend its leading position in solar generation in Australia.

Carlo Frigerio, managing director of FRV Australia, said the partnership with OMERS would accelerate FRV’s consolidation as “one of the renewable energy market leaders” in Australia, along with expansion of FRV’s footprint into new technologies.

Fady Jameel, deputy president and vice chairman of Abdul Latif Jameel, said: “Our partnership with OMERS across FRV’s Australian platform will support our continued investment in renewables and renewables-based technologies in Australia.”

Annesley Wallace, global head of OMERS Infrastructure, told IPE Real Assets: “We have significantly advanced our renewables strategy in 2021, and we now have operating capacity and development platforms on three continents.”

“Our investment in FRV Australia means we are actively participating in that country’s clean energy transition while working alongside a trusted partner.”

OMERS Infrastructure this year has also acquired the Leeward Renewables platform in the US.

Recently, Omers Infrastructure bought into Azure Power, a solar power company with more than 2GW of operational capacity, in India,” said Wallace.

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