Under the deal, First Reserve will initially invest $150 million in the joint venture and focus on developing and acquiring new wind capacity. The joint venture will be called Renovalia Reserve.
In return Renovalia will hand the joint venture 259MW of its existing online wind capacity in Spain and Hungary, together with a 300MW project pipeline across Canada and Romania.
Renovalia, which will both preside and manage the joint venture, claims to currently operate 570MW of renewables capacity, mainly from wind, and to control a 1,350MW wind-project portfolio. The company operates in Spain, USA, Canada, Mexico, Italy, Romania and Hungary.
First Reserve, which recently approved a $1.2 billion investment in new energy projects has assets in 39 countries.