Gamesa Solar to Be Acquired By First Reserve

Spanish renewable energy firm Gamesa Corporacion Tecnologica has agreed to the sale of Gamesa Solar to private equity firm First Reserve Corporation for a total consideration of E261 million.

Gamesa Solar focuses on the development, construction and sale of solar photovoltaic plants as well as providing turn-key project management for third parties.

Guillermo Ulacia, Gamesa chairman and CEO, said: “The sale of Gamesa Solar monetizes the value created in a business that was created in 2005. Additionally, we have completed our exit from non-core activities after the divestitures of the aeronautics and services divisions in 2006. After this transaction, Gamesa Corporacion Tecnologica concentrates fully in wind energy, a highly technological activity where Gamesa is an international leader.”