Sources: Abdul Latif Jameel appoint JPMorgan to sell a stake in ‎Spain’s Fotowatio ‎

The Spanish Expansion newspaper reported today, Friday, quoting market sources, that the Abdul Latif Jameel Group has appointed J.P. Morgan investment bank to sell a stake in the Spanish solar energy company, Fotowatio Renewable Ventures B.V. for renewable energy projects.

According to Reuters, the newspaper added that the Abdul Latif Jameel Group intends to sell a controlling stake in Fotowatio, whose value could be estimated at two billion euros ($2.13 billion), and retain a minority stake.

The newspaper indicated that the sale process will begin in earnest in 2023

Spain aims to produce 67 percent of its electricity from renewable energy sources by 2026, taking advantage of its sunny plains, fast-flowing rivers and windy hillside areas.

Energy companies from around the world are investing in Spain to establish infrastructure in order to achieve this goal.