9REN Group PV Project reaches Financial Close

On June 24, 2009, 9REN Group, the European renewable energy company owned by the US energy investor First Reserve, completed the financing of a 14.7 MW photovoltaic project in Southern Spain with Natixis, who acted as the Coordinating bank, Barclays, Lloyds TSB and Santander, together acting Lead Arrangers for the transaction.

Total commitments represented over € 100 million and led to a 35% oversubscription of the transaction.

Proceeds are to be used to refinance a portfolio of 5 operating photovoltaic parks located in the South of Spain (in the regions of Jaén, La Palma, Albacete, Córdoba and Badajoz) and with a total peak capacity of 14.7 MW.

The financing is structured on the basis of an underlying 19-year amortizing loan with a full cash sweep starting year 8. These soft mini perm structures are finding wider use in the market to reduce maturity and alleviate long-term funding constraints faced by lenders.

About 9REN Group

9REN is a leading European renewable energy company established on April 2008 from the merger of the Spanish contractor Gamesa Solar and the Italian development company Ener3, both acquired by First Reserve. 9REN is focused on the development, construction, operation, upgrading and ownership of photovoltaic power plants and providing turn-key project management for third parties. 9REN has built 97MW of photovoltaic power plants, mainly in Spain, of which 17MW are part of its own asset. Group's headquarters are in Madrid, Spain, and Rome, Italy.

About First Reserve

First Reserve is the world’s leading private equity firm in the energy industry. For more than 25 years, it has invested solely in the global energy industry, and has developed an unparalleled franchise, utilizing its broad base of specialized energy industry knowledge as a competitive advantage. The firm is currently investing its most recent fund, which closed in 2009 at approximately €6.4 billion (US $9 billion). First Reserve invests strategically across a wide range of energy industry sectors, developing a portfolio that is diversified across the energy value chain, backing talented management teams and building value by building companies. First Reserve is among the largest private equity investors in renewables with over $1 billion invested and committed in renewables companies to date. Further information is available at www.firstreserve.com.