The new joint venture company will be called Renovalia Reserve and will initially comprise Renovalia Energy’s 259 MW of operating wind assets in Spain (244 MW) and Hungary (15 MW), and its wind pipeline in Canada, Romania and Spain, with total capacity of more than 300 MW.
First Reserve has committed $150 million to the joint venture.
Renovalia Energy’s Chairman, Juan Domingo Ortega, has been appointed chairman of Renovalia Reserve. Renovalia Energy will manage the new company’s existing generating capacity and the promotion of new wind projects.
Renovalia Energy operates in seven countries, namely Spain, USA, Canada, Mexico, Italy, Romania and Hungary.