renewable energy

Private equity firm First Reserve Corp. has completed the acquisition of Spanish energy company Gamesa Solar for a total consideration of $406.5 million.

The U.S.-based firm’s acquisition of Gamesa along with its purchase in Italy of Ener3, a company that designs and builds photovoltaic power plants, has created a European renewable energy group with the ability to deliver solar capacity of up to 400 MW in Southern Europe over the next four years, First Reserve said in a release Monday.

The group expects that two-thirds of this capacity will be delivered to customers on a turnkey project basis, while the remaining capacity will be developed on its own account.