First Reserve plugs into European renewables with Gamesa Solar deal

US-based private equity house First Reserve Corporation has acquired Spanish energy producer Gamesa Solar from parent Gamesa in a deal valued at EUR261m.

Citigroup acted as adviser for the deal, which is pending closing following a series of conditions and the results of an audit that must take place by 31 March.

Gamesa Solar was founded in 2005 and employs 162 people. The company closed 2007 with a turnover of EUR207m and an EBITDA of EUR26m.

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