Spain’s Fotowatio Renewable Ventures Acquires Majority Stake in 600 MW Greek BESS

Sustainable energy solutions developer, Fotowatio Renewable Ventures (FRV), as part of Abdul Latif Jameel Energy, has announced the acquisition of a majority stake in a 600 MW battery electricity storage systems (BESS) project from Wootis SA in Greece. The battery storage is divided into several facilities spread across Greece.

Madrid-headquartered FRV said in its official version that the acquisition marks the successful completion of the largest commercial operation in the field of electricity storage with battery systems in Greece. It informed that all the BESS projects are well advanced in the development.

It held that the venture will maximize FRV deep knowledge in the BESS technology and Wootis large experience in the Greek development environment. The projects will come into fruition between the fourth quarter of 2023 and second quarter of 2024.

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In addition to the 600 MW of the initial projects, the parties will also collaborate in new developments in the country.

FRV Expansion Game

In October, FRV also acquired two new BESS projects having a combined capacity of up to 100 MW in the United Kingdom from RE Projects Development Limited (REPD). The Li-ion BESS is spread over one hectare and will be ready-to-build in the third quarter of 2023.

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Earlier, the company had inked a deal worth a £1 billion with Tyler Hill Partners to create RV TH Powertek Limited in order to develop, build and operate 1GW/2GWh of BESS projects in the UK in the coming five years.

Wootis SA

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

The company held that energy storage has to assume an increasingly strategic importance to ensure a safe transition and reverse the consequences of the climate crisis.