Deals

Blackstone to invest €1bn in North Sea wind farms

The project, one of Blackstone’s first investments in renewables, would construct roughly 80 wind farms off the German island of Helgoland, according to media reports.

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The Blackstone Group is planning to invest more than €1 billion ($1.57) in a large-scale wind farm project off the coast of Germany.

The investment, one of Blackstone’s first in renewable energy, would provide capital to the government-sanctioned “Meerwind” project to construct roughly 80 wind farms off the North Sea island of Helgoland, according to a report from Reuters, which cited two unnamed sources.

Blackstone would partner with German engineering firm Windland Energieerzeugungs. Construction of the project’s pilot phase is expected to be completed by 2012.

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