First Reserve buys Gamesa Solar for $408M, creates $940M renewable energy fund
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.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.