VCs snap up Euro-solar double for €261 million
When VCs go shopping, they really go shopping. Wandering merrily through the racks of renewables companies, VC fund First Reserve has taken a “And I’ll need a pair of earrings to go with this frock” approach to acquisitions: the frock is a fetching Spanish solar number, Gamesa Solar; the earrings, a saucy Italian job: photovoltaic power plant bunch, Ener3.
The price of this shopping spree? A mere bagatelle at €261 million.
The acquisition of both Ener3 and Gamesa Solar will let First Reserve create a “renewable energy group with the ability to deliver solar capacity of up to 400MW in Southern Europe over the next four years”. Ener3 will add another 50MW to that line up this year, says First Reserve.
The shopping doesn’t stop there either: First Reserve has promised to plough €600 million into renewables over the coming four years.
