Renovalia Reserve is a joint venture company formed by Renovalia Energy and First Reserve, to own and run wind projects in North America and Europe. US$150 million has been invested by First Reserve for the joint venture.
The long-term contract has assisted the growth and global extension plans of Renovalia Energy, which facilitated it to be developed as one of the main renewable energy companies in the international market.
Due to the deep knowledge of the wind industry, potential for strong growth, extensive renewable energy section platform, Renovalia Energy was approved as the partner of First Reserve.
In the initial nine months of 2011, EBITDA of Renovalia Energy developed by 27.5%. Its revenues were €140 million during the third quarter of 2011.
Renovalia Energy will deal with the current generating facility of the new company and the development of new wind projects.
At 559 MW of primary potential, Renovalia Reserve will include Renovalia Energy's operating wind assets of 259 MW in Hungary and Spain, and the wind pipeline in Spain, Romania and Canada, with over 300 MW as total potential.
Juan Domingo, Chairman of Renovalia Energy, commented that the formation of a long term partnership with First Reserve is a significant development in Renovalia Energy's objective of becoming one of the main renewable energy companies in the globe.