Saudi-based Abdul Latif Jameel Energy has announced FRV-X, the innovation and venturing division of global renewable energy business Fotowatio Renewable Ventures (FRV), has invested $9.7 million in ecoligo, a Berlin-based firm.

 

Since 2016, ecoligo has been implementing energy-as-a-service projects financed by investors who are interested in both impact and return on investment. ecoligo has implemented 169 projects with a total output of 82.4-Megawatt peak (MWp) in emerging markets across three continents to date, where energy demand is quickly rising compared to major industrialised nations.

 

ecoligo will use the investment sum to continue to grow sustainably, expand existing markets, and effectively contribute to the global energy transition. Additionally, ecoligo intends to further develop its digital impact investing platform and offer more investment opportunities in its projects across the world.

 

Funding gap

The success of the global energy transition is dependent upon the inclusion of emerging markets. However, there is often a funding gap for solar projects in these countries which makes access to financing from traditional sources more difficult. Therefore, ecoligo offers full-service energy solutions including planning, construction, maintenance, and the financing of the plants using crowd investing.

 

Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel said: “Our investment in ecoligo comes in line with our commitment to support innovative business models in the renewable energy sector whilst still delivering a positive impact. Both FRV-X and ecoligo share the same vision of democratising the energy transition and creating a clean future for people around the world, and in particular, those in the global south. We will continue to look for opportunities to make impact-driven investments that support our efforts in initiating, driving, and maintaining the green energy transition.” 

 

Large-scale solar farms

Felipe Hernandez, Managing Director of Engineering at FRV-X said: “With its focus on commercial and industrial facilities, ecoligo perfectly complements our activities in the field of large-scale solar farms. Our investment in ecoligo is sustainable in two ways, not only in terms of onsite green energy production, but also the democratisation of the investment in renewable assets, giving an opportunity for small investors to take part in the project's funding.”

 

Martin Baart, CEO of ecoligo GmbH, said: “With impact investors such as FRV-X, we have found the perfect partner to enable even more companies in emerging markets to access clean energy. Through the alliance, we will not only be able to expand our growth, but also offer more people the opportunity to contribute to the global energy transition through private investments.”

 

FRV is committed to leading the global transition towards a more sustainable energy future through developing and operating renewable energy projects around the world. FRV has evolved from being a utility-scale solar infrastructure developer to becoming an independent power producer (IPP), aimed at being the world's leading green energy infrastructure platform. 

 

Expanding portfolio

Through this investment, FRV is expanding its portfolio to include the commercial and industrial customer segment through ecoligo's work. So far, FRV has a pipeline of more than 10 GW around five continents, including PV plants, wind plants battery energy storage systems (BESS), and hybrid and green hydrogen plants. Through its innovative projects, FRV prevents the emission of more than 1 million tonnes of carbon dioxide (CO₂) annually.-- TradeArabia News Service