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Gamesa Corporacion Tecnologica, S.A. has agreed to the sale of Gamesa Solar to private equity firm First Reserve Corporation for a total consideration of €261 million. Net debt was approximately €53 million as of December 2007. The transaction is subject to certain condition precedents. Gamesa Solar is the leading solar energy company in Spain focusing on the development, construction and sale of solar photovoltaic plants as well as providing turn-key project management for third parties. With over 100 employees, Gamesa Solar has achieved revenues over €200 million and EBITDA of circa €25 million as of December 2007. Guillermo Ulacia, Gamesa Chairman and CEO said: "The sale of Gamesa Solar monetises 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". Citigroup acted as financial advisor to Gamesa. Francesco Giuliani, Director of First Reserve Corporation, declared: "We are very excited about this investment opportunity. Gamesa Solar has a leading position in the Spanish photovoltaic market that is among the most sophisticated in the world. We plan to support the solar team in replicating this presence internationally. This is a platform investment into one of the fastest growing segments of the renewable space." First Reserve's most recent private equity fund closed in 2006 at approximately €5.4 billion ($8 billion) and has dedicated approximately 10% (or €540 million) of the fund to alternative and renewable investment opportunities worldwide.
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