Blackstone Group will sell majority interest in German WindMW to China Three Gorges

Wednesday, 15 June, 2016 - 10:30
Meerwind has a total capacity of 288 MW and was one of the largest German offshore wind farms to achieve full financial closing. (Photo: WindMW GmbH)
Meerwind has a total capacity of 288 MW and was one of the largest German offshore wind farms to achieve full financial closing. (Photo: WindMW GmbH)

The US-American Blackstone Group has entered a definitive agreement to sell its majority interest in WindMW GmbH, the owner of one of Germany’s largest offshore wind farms Meerwind. Buyer is China Three Gorges Corporation, a Chinese state-owned and globally operating power company.

The agreement was signed in the presence of Li Keqiang, the Premier of the State Council of the People’s Republic of China, and Angela Merkel, the Chancellor of Germany. The terms of the transaction were not disclosed.

The offshore wind park Meerwind is situated in the North Sea and has a total capacity of 288 MW. Starting in 2008, Meerwind’s management team designed, constructed, commissioned and operated the park in partnership with Blackstone.  The wind park was fully commissioned in February 2015. Now, WindMW’s management team will continue to operate the business under China Three Gorges ownership. 

“I am grateful to have partnered with the Blackstone team to make possible such a significant contribution to Germany’s clean power efforts,” said Jens Assheuer, Chief Executive Officer, WindMW. “We look forward to working together with China Three Gorges, with whom we share a strong commitment to developing and operating renewable energy projects globally.”

Meerwind was the first German offshore wind project to be fully financed by private investors and one of the largest German offshore wind farms to achieve a full financial closing. Meerwind was also the first European offshore wind project to be financed through a project bond.

“We are proud that Blackstone has played a leadership role in bringing such a landmark project to fruition,” said Sean Klimczak, Senior Managing Director, Blackstone.

WindMW / Tanja Peschel

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