(MENAFN) Abdul Latif Jameel Energy and Environmental Services announced the purchasing of Fotowatio Renewable Ventures (FRV), a Spanish solar power plants developer, Arabian Business reported.
The value of the contract remains yet undisclosed. The acquisition was done from Denham Capital, Qualitas Venture Capital and the founding shareholders of the firm.
"This is a major development of our energy business and a part of our on-going strategy. The acquisition is a strong signal of our intent to become a leading player in the energy sector," the president of Abdul Latif Jameel said.
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