The First Reserve Energy Infrastructure Fund of First Reserve, an energy-focused private equity firm, and Renovalia Energy, a renewable energy developer and independent power producer, have expanded their Renovalia Reserve joint venture with the addition of two wind power plants in Oaxaca, Mexico.
The first 90 MW farm has been operational since June 2012, and the second 137.5 MW farm is under construction and expected to be fully operational in early 2014.
Renovalia Reserve, which was formed in 2011, says these new investments diversify the its portfolio beyond Europe into North America and nearly double the power capacity of their wind farm assets worldwide. Financial details of the transaction were not disclosed.
‘Adding wind power plants in Mexico to Renovalia Reserve's portfolio is a natural extension of the company's strategy,’ says John Barry, managing director of First Reserve and board member of Renovalia Reserve. ‘Growth in electricity demand is expected to continue to trend upward based on the pace of population and industrial and manufacturing growth, and the legal and regulatory framework signals stability and predictability of renewable energy policies for the region."