The US private equity group, Blackstone would invest its EUR 2.5bn (US$3.5bn) into the construction of Germany’s biggest ever offshore wind farms.
The official announcement that would take on Friday, would be that they have secured financing for an 80 turbine wind farm in the North Sea, named as Meerwind, and would be completed by 2013. The €1.2bn investment is a 400 MW project, which is set to give power to 400,000 households.
The Blackstone would also unveil its plans for their second such project, which would involve €1.3bn investment for 64 wind turbines. The construction of this project would be done by 2016.
These investments are considered to be the biggest ever investments done by a global buy-out group in the renewable energy sector. It is said that the main driving force of it is, to be the decision taken by the German Government, which was to heavily subsidize wind energy to phase out nuclear energy by 2022.
The Meerwind project would be a joint venture between Blackstone and Windland Energieerzeugungs GmbH, with the PE firm holding 80% stake in the project, and the remaining 20% would be with the German wind energy company.
Blackstone Managing Director, Sean Klimczak told that they are also having talks with the government to buy a third German permit, as they wanted to create the first ”established offshore wind Energy Company” in Europe.
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