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First Reserve Corporation (First Reserve) and Renovalia Energy have established a joint venture, Renovalia Reserve, to own and operate wind projects in Europe and North America.

First Reserve has committed US$ 150 million to the joint venture. The long-term agreement supports Renovalia Energy’s growth and international expansion plans. At an initial total capacity of 559MW, Renovalia Reserve will initially comprise Renovalia Energy’s 259MW of operating wind assets in Spain (244MW) and Hungary (15MW), and its wind pipeline in Canada, Romania and Spain, with total capacity of more than 300MW.