Blackstone Sells WindMW Majority Stake to China Three Gorgesby
Transaction for wind park valued at about 1.7 billion euros
German offshore wind farm can power 360,000 households
Blackstone Group LP agreed to sell its majority interest in WindMW GmbH, the owner of one of Germany’s largest offshore wind farms, to China’s Three Gorges Corp., the nation’s largest hydropower operator.
The 288-megawatt Meerwind wind farm in the North Sea near the German island of Helgoland is the country’s first such facility completely funded by private investors. It can power about 360,000 homes, Blackstone said Monday in a statement, without disclosing terms of the deal.
The transaction values WindMW at about 1.7 billion euros including debt, according to two people familiar with the matter.
The agreement was signed during German Chancellor Angela Merkel’s three-day visit to China together with other deals worth a total of 2.73 billion euros ($3.08 billion) which also involved companies including Airbus Group SE’s German helicopter unit and China Aviation Supplies Holding Co., Daimler AG and BAIC Motor Corporation Ltd. Merkel was accompanied by 20 chief executive officers.
China’s President Xi Jinping has been pushing for more investment in green electricity. China was the world’s biggest investor in renewable energy last year with $110.5 billion of spending, almost double the amount of U.S. investment, according to data from Bloomberg New Energy Finance.
WindMW’s Chief Executive Officer Jens Assheuer and his management team will continue to operate the business, Blackstone said. Under the new owner they will seek to develop and operate renewable energy projects globally, Assheuer said.