Warning: mysqli::mysqli(): (HY000/1044): Access denied for user 'admin_global'@'localhost' to database 'admin_energetica21_test' in /home/admin/domains/energetica-international.com/public_html/xpanel/require/mysql/config.php on line 46
Renovalia Energy and First Reserve: new joint venture company for wind projects | Europe

Renovalia Energy and First Reserve: new joint venture company for wind projects

First Reserve Corporation and Renovalia Energy have established a joint venture, Renovalia Reserve, to own and operate wind projects in Europe and North America. First Reserve has committed US$150 million to the joint venture.

The long-term 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, with a presence in seven countries.

First Reserve identified Renovalia Energy as its partner due to its deep experience in the wind industry and its broad renewable energy sector platform, as well as its solid financial track record and strong growth potential.

During the first nine months of 2011, Renovalia Energy?s EBITDA grew by 27.5% compared to the same period last year, to 76.5 million Euros. Its turnover was 140 million Euros by Q3 2011, compared to 93 million Euros in the same period 2010.

Renovalia Energy?s Chairman, Juan Domingo Ortega, has been appointed chair of Renovalia Reserve. Renovalia Energy will manage the new company?s existing generating capacity and the promotion of new wind projects.

At an initial total capacity of 559 MW, Renovalia Reserve 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.

?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?, said Juan Domingo Ortega, Renovalia Energy?s Chairman.

John Barry, Director, First Reserve Corporation said, ?Renovalia Energy is a great partner to have in the wind energy industry. The combination of its track record and expertise, and its potential for significant international growth is extremely attractive for us.?
Share this!
Posted by Gloria Llopis | 2011-12-07