First Reserve Corp., an energy-industry private equity and infrastructure investor, and Renovalia Energy, a global renewable energy company, have established a joint venture (JV) to own and operate wind projects in North America and Europe.
First Reserve has committed $150 million to the JV, called Renovalia Reserve. With 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), as well as its wind pipeline in Canada, Romania and Spain, with a total capacity of more than 300 MW.
Renovalia Energy's chairman, Juan Domingo Ortega, has been appointed chairman of Renovalia Reserve. Renovalia Energy will manage the new company's existing generating capacity and the promotion of new wind projects.