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First Reserve puts $940m into solar energy
First Reserve, the buy-out group specialising in energy investments, on Monday announced plans to invest €600m ($938m) in a solar energy company it created through recent acquisitions in Spain and Italy. The deal underlines how the surging oil price has fuelled continued growth in deals in the energy sector and also highlights strong buy-out interest in renewable energy investments. First Reserve, aims to raise about $12bn for a new fund after nearly exhausting its existing $8bn fund, accounted for more than a quarter of buy-out deal volume in North America and Europe since August.
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[…] First Reserve Corp. is a private equity fund based in the United States. The firm has acquired Gamesa Solar, a division of a larger Spanish company, for about $408 million. Along with the acquisition, First Reserve has also announced a $940 fund that will be applied toward renewables, primarily solar energy projects. The amount will represent a significant portion of First Reserve’s next fund raise. The firm’s current $8 billion fund is nearly expended, according to the Financial Times, and it will be raising a further $12 billion. Tags: co:gamesa, deal, inv:first reserve SHARETHIS.addEntry({ title: “First Reserve buys Gamesa Solar for $408M, creates $940M renewable energy fund”, url: “http://venturebeat.com/2008/04/29/first-reserve-buys-gamesa-solar-for-408m-creates-940m-renewable-energy-fund/” }); Sphere It Digg this story! venturebeat227:http://venturebeat.com/2008/04/29/first-reserve-buys-gamesa-solar-for-408m-creates-940m-renewable-energy-fund/ Trackback URL […]