Blackstone has sold its majority stake in a German wind farm to state-owned developer China Three Gorges.
The interest in Meerwind, one of Germany’s largest offshore wind farms, is understood to have attracted a number of prospective buyers.
The successful bidder is most famous for constructing the world’s largest hydroelectric power plant at the Three Gorges Dam in China. The agreement was signed in the presence of China’s Premier Li Keqiang and German Chancellor Angela Merkel.
Situated off the German coast in the North Sea, the 80-turbine, 288 megawatt wind farm produces enough clean energy to power approximately 360,000 homes.
Meerwind’s management team, led by CEO Jens Assheuer, has designed, constructed, commissioned and operated the park in partnership with Blackstone since 2008. The windfarm was fully commissioned in February 2015.
The management team of the joint venture 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 Assheuer
“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 was first to close under Germany’s KfW financing programme, which is focused on helping Germany meet its renewable energy targets by providing debt financing to greenfield energy projects.
Meerwind was also the first European offshore wind project to be financed through a project bond.