First Reserve Corporation, in partnership with Renovalia Reserve, have established a joint venture (JV) Renovalia Reserve, to own and operate wind projects in Europe and North America.
The new joint venture will have 259MW capacity of operating wind assets in Spain (244 MW) and Hungary (15 MW) and a 300MW pipeline in Canada, Romania and Spain.
First Reserve has committed $150m to the joint venture for organic and acquisition growth in the area.
Renovalia Energy will continue to oversee the management of the joint venture's existing operating assets, as well as the promotion of new wind projects.
Furthermore, Renovalia Reserve will support Renovalia's core strategy of growth and international expansion.
First Reserve identified Renovalia Energy as its partner due to its experience in the wind industry and its renewable energy sector platform, as well as its financial track record and growth potential, the company said.
Renovalia Energy's chairman Juan Domingo Ortega said securing a long-term, established partner such as First Reserve is an important development in Renovalia Energy's goal of becoming one of the world's leading companies in the renewable energy sector.
Renovalia Energy is a company specialized in the promotion, engineering, construction, exploitation and sales of electricity generated from sources of renewable energy.