The new joint venture will have 259MW capacity of operating wind assets in Spain (244MW) and Hungary (15MW) and a 300MW pipeline in Canada, Romania and Spain.
First Reserve has committed $150m to the joint venture for organic and acquisition growth in the area.
The agreement supports Renovalia Energy’s growth and international expansion plans, allowing it to become one of the leading renewable energy companies in the global market.
Renovalia Energy will continue to oversee the management of the joint venture’s existing operating assets, and the promotion of new wind projects.
Furthermore, Renovalia Reserve will further support Renovalia’s core strategy of growth and international expansion.
Renovalia Energy’s chairman, Juan Domingo Ortega said securing a long term, established partner such as First Reserve is an important development in Renovalia Energy’s goal of becoming one of the world’s leading companies in the renewable energy sector.
First Reserve Corporation, director John Barry said Renovalia Energy is a great partner to have in the wind energy industry and its track record and expertise, potential for significant international growth is extremely attractive for us.
First Reserve Corporation is a premier private investment firm, making both private equity and infrastructure investments throughout the energy value chain.
Renovalia Energy is a company specialized in the promotion, engineering, construction, exploitation and sales of electricity generated from sources of renewable energy.
