In July of last year, private equity firm The Blackstone Group announced a partnership with German wind energy corporation Windland Energieerzeugungs GmbH. The Blackstone Group and Windland are teaming up to finish a €1 billion project called Meerwind, which will be one of the North Sea’s largest wind farms, will be located 80 kilometers off the German coast.
The wind farm will be massive. The completed project will have 80 wind turbines, and be capable of producing 400 megawatts of power. The sheer size of the Meerwind Project has been made possible by the German government’s deep commitment to renewable energy. The German government has expressed a goal of reducing greenhouse gas emissions by 40% by 2020. When finished, Meerwind will put out 1.6 billion kilowatts of power each year, or enough to power up half a million households.
The Blackstone Group is excited about Meerwind’s prospects. Blackstone Group Senior Managing Director David Foley said, “We are pleased to join with our partner … to complete the development and begin construction of this well designed project.” Mr. Foley added that this is the Blackstone Group’s second major foray into renewable energy investments, referring to “… the $870 million Bujagali hydroelectric power station project by Blackstone’s 80% owned portfolio company, Sithe Global. We continue to seek out opportunities to invest in large scale energy infrastructure assets.”
Mr. Foley emphasized that the Blackstone Group will continue to seek out green energy opportunities. “We continue to seek out opportunities to invest in large scale energy infrastructure assets,” Mr. Foley said, “applying Blackstone’s capital, relationships and industry expertise to generate favorable returns for our limited partners while benefiting the environment and stimulating the local economy.”
Windland founder Joachim Falkenhagen is also very pleased with his company’s partnership with Sithe Global Power Closes Financing of Goreway Station in Brampton, Ontario.
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