Gamesa Solar & Ener3 Acquired by First Reserve

First Reserve Corporation has completed the acquisition of Gamesa Solar for a total consideration of EUR 261 million [US $406 million]. First Reserve has also acquired Italian solar company Ener3. The company plans to use these assets to create 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 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.

“Gamesa Solar has delivered 40 MW of photovoltaic projects and with an additional 50 MW 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,” said Paolo Pietrogrande, CEO of the new group.

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