First Reserve, which invested in Abengoa in 2011, will sell 35.7 million shares in the company via an accelerated bookbuilding process, according to Reuters.
The firm will retain 52.9 million Class B shares in Abengoa after the deal. It also holds options to buy more stock.
Meanwhile, First Reserve is reportedly among bidders preparing final offers for Italian valve maker Petrolvalves which could value it at more than €1bn.
Back in June First Reserve closed its second infrastructure fund on its $2.5bn hard cap after just eight months in the fundraising market.
The vehicle is more than twice the size of its 2009 predecessor, and brings its totals assets under management aimed at energy infrastructure to more than $4bn.
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