Unfortunately, I have not found any exact information, so I will take a guess.
Either this design was Frua's second proposal for the Volvo 1800 ES next to his proposal 'Rocket', which is unlikely, or it was a sketch for a Volvo Coupé with the 3.0 l engine of the Volvo 164. In any case, the front is quite similar to that of the Volvo 164. Frua used several largely identical designs for such a large 2+2 coupé for BMW, Monteverdi, AC, Opel and Chevrolet in the late 1960s. Possibly he also tried it with Volvo.
Now I hope that I am not completely wrong.