First Reserve Corp., in partnership with Renovalia Reserve, has established a joint venture (JV) Renovalia Reserve, to own and operate wind projects in Europe and North America. The new joint venture will have 259MW capacity of operating wind assets in Spain (244MW) and Hungary (15MW) and a 300MW pipeline in Canada, Romania and Spain. First Reserve has committed USD 150 million to the joint venture for organic and acquisition growth in the area. Renovalia Energy will continue to oversee the management of the joint venture’s existing operating assets, as well as the promotion of new wind projects. Furthermore, Renovalia Reserve will support Renovalia’s core strategy of growth and international expansion.