Gamesa Corporacion Tecnologica, S.A. (GCTAF.PK) has agreed sell Gamesa Solar to private equity firm First Reserve Corporation for EUR 261 million.
Although Gamesa Solar is a leading solar energy company in Spain focusing on the development, construction and sale of solar photovoltaic plants as well as providing turn-key project management for third parties, the company’s net debt was approximately EUR 53 million as of December 2007, according to a release.
With over 100 employees, Gamesa Solar has reported revenues over EUR 200 million and EBITDA of about EUR 25 million as of December 2007.
Guillermo Ulacia, Gamesa Chairman and CEO said, "The sale of Gamesa Solar monetizes the value created in a business that was created in 2005. Additionally, we have completed our exit from non-core activities after the divestitures of the aeronautics and services divisions in 2006. After this transaction, Gamesa Corporacion Tecnologica concentrates fully in wind energy, a highly technological activity where Gamesa is an international leader".
Citigroup acted as financial advisor to Gamesa.
Francesco Giuliani, Director of First Reserve Corporation, declared, "We plan to support the solar team in replicating this presence internationally. This is a platform investment into one of the fastest growing segments of the renewable space."
First Reserve’s most recent private equity fund closed in 2006 at approximately EUR 5.4 billion ($8 billion) and has dedicated approximately 10% (or EUR 540 million) of the fund to alternative and renewable investment opportunities worldwide.
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