Abdul Latif Jameel Energy’s FRV Acquires Majority Stake in Major BESS

Abdul Latif Jameel Energy’s FRV Acquires Majority Stake in Major BESS

The project is divided into several facilities under development by Wootis

Fotowatio Renewable Ventures, a leading developer of sustainable energy solutions, and part of Abdul Latif Jameel Energy, has announced the acquisition of a majority stake in a 600 MW battery energy storage system (BESS) in Greece.

The project, which is currently under development by Wootis, will come to fruition between Q4 2023 and Q2 2024 and will combine FRV’s deep knowledge in the BESS technology with Wootis’s extensive experience in the Greek development environment.

Wootis SA is one of the pioneering Greek companies in the renewable energy industry. Specializing in asset management, it offers integrated services to operating renewable energy stations.

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With one of the largest and most sophisticated monitoring centers in Europe, in operation since 2015, Wootis provides integrated technical and commercial management and aggregation services, as well as maintenance and operation services at wind and photovoltaic (PV) stations.

Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel said: “Greece has demonstrated a remarkable commitment to achieving its target of doubling the country’s green energy capacity by 2030, which we are excited to take part in with this project.

"At Abdul Latif Jameel Energy, we are dedicated to supporting the green energy drive and ensuring a more sustainable energy model across the world."

Andrea Fontana, MD, FRV Europe, said: "This acquisition is an excellent example of FRV’s expansion plans which has built more than 50 renewable energy plants in countries such as Spain, Australia, Mexico, Uruguay, Chile, Italy, India, the United States, the United Kingdom, Armenia and Jordan."

Athanasios Karadimas, CEO of Wootis SA said: "There has been an increasing attention to Energy storage systems given the strategic role they play in mitigating the consequences of the climate crisis."

In addition to this project, FRV and Wootis will also collaborate on new developments in the country.

Read More: Abdul Latif Jameel Energy’s FRV to Build Solar Plant in Spain

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