First Reserve Corp. in Investment in Wind Energy Company

Cleary Gottlieb represented First Reserve Corporation, a leading energy-focused private equity firm in its investment in Kenersys, a newly-formed integrated wind energy company of the $2.1 billion Kalyani Group, a leader in the auto component sector in India. Kenersys is expected to focus on design, assembly and marketing of wind turbine generators.

With over $1.2 billion invested in alternative and renewable energy companies, First Reserve is one of the largest investors in renewable energy. It is targeting up to 15% of funds under management to this sector. First Reserve has invested in seven companies covering biofuels, waste to energy, CO2 offset origination and renewable generation through solar and wind power.

Kenersys, with its design set-up in Germany and two operating companies in Germany and India, is expected to initially focus on assembling and marketing turbines in Europe and Asia-Pacific. The Indian organization will focus additionally on turnkey wind farm project development. Other regions, including North America, are expected to follow.