Private equity giant First Reserve has teamed with renewable energy company Renovalia Energy in a $150m joint venture that will own and operate wind projects in the US and Europe.
The long-term agreement formed by one of the world's largest infrastructure investors supports Renovalia Energy's international expansion plans.
According to a statement, First Reserve chose Renovalia Energy as its partner due to its 'deep experience' in the wind industry and broad wind energy platform.
Renovalia Energy's chairman, Juan Domingo Ortega, has been appointed chair of the newly-formed Renovalia Reserve.
He said, 'Securing a long term, established partner such as First Reserve, which is a preeminent energy infrastructure investor, is an important development in Renovalia Energy's goal of becoming one of the world's leading companies in the renewable energy sector.'
With an initial capacity of 559MW, the joint venture will initial comprise Renovalia Energy's operating wind assets in Spain and Hungary - totalling 259MW - and its wind pipeline in Canada, Romania and Spain,
During the first nine months of 2011, Renovalia Energy's EBITDA grew to €76.5m, up by 27.5 per cent compared to the same period last year.