First Reserve Corporation, a leading private equity firm specialising in the energy industry, has completed the acquisition of Gamesa Solar, the leading solar energy company in Spain, for a total of euro 261 million.
Together with the acquisition in Italy of Ener3, which has an established track record of designing and building photovoltaic power plants, First Reserve has created a European renewable energy group with the ability to deliver solar capacity of up to 400 megawatts (MW) in Southern Europe over the next four years, First Reserve said.
The group expects that two thirds of this capacity will be delivered to customers, on a turnkey project basis, while the remaining capacity will be developed on its own account.
Paolo Pietrogrande, who will become CEO of the new group said, "Gamesa Solar has delivered 40MW of photovoltaic projects and with an additional 50MW to be completed within 2008 is a major solar developer and turn-key contractor. Its leading position in the Spanish market provides an excellent foundation to exploit the attractive solar development opportunities that exist in Southern Europe and the Mediterranean. Over the next four years we will invest euro 600 million into developing renewable energy generation assets."
Mr. Pietrogrande previously held positions as CEO of Enel GreenPower, Chairman of Atmos Holding and a director of Trinergy Plc.
About Gamesa Solar
Gamesa Solar was established in 2001 as a spin-off of Gamesa Technology Corporation dedicated to solar energy business. Gamesa Solar is a leading solar contractor in Spain focusing on the development, design, construction and turn key delivery of photovoltaic and solar-thermal facilities. The Spanish company, with a staff of over 100 people, has over 40 MW of its solar power plants in commercial operation and has delivered 145,000 square meters of solar thermal systems.
About Ener3
Ener3, is a developer and engineering company focused in renewable energy, providing consulting, energy planning and project management services, with special focus on PV systems. It has contributed to designing and delivering for its Customers about 20 MW of roof-top and ground mounted PV systems, and is ready to develop over 100 MW of solar projects planned by the new venture for its own investment.
About First Reserve Corporation
First Reserve is a leading private equity firm focused exclusively in energy industry. The firm is completing its most recent euro 5.4 billion (US $8 billion) fund which closed in 2006. Throughout its 25-year history, First Reserve has developed a strong franchise of investing exclusively in the energy industry, utilizing its broad base of specialized industry knowledge. First Reserve has an active investment program in the renewable energy sector and has invested in companies covering biofuels; waste to energy; CO2 offset origination; and solar and wind generation. With over $1.2 billion invested and committed to alternative and renewables companies, First Reserve is one of the largest investors in renewable energy and is targeting up to 15% of funds under management to this sector.
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