Blackstone Group has entered into a definitive agreement to sell its majority interest in WindMW GmbH, an offshore wind power joint-venture and owner and operator of the 288MW Meerwind Süd|Ost offshore wind farm, to China Three Gorges Corporation.
Terms of the transaction were not disclosed, however, sources close to the matter valued the deal at around EUR 1.6 billion.
WindMW GmbH is a Bremerhaven-based joint-venture between Blackstone Group (80%) and Windland Energieerzeugungs GmbH (20%). WindMW GmbH was responsible for the planning and construction of Meerwind Süd|Ost and is now operating the wind farm located in the German part of the North Sea.
The 80-turbine wind farm was fully commissioned in February 2015. Meerwind’s management team, led by WindMW’s CEO Jens Assheuer, designed, constructed, commissioned and operated the wind farm in partnership with Blackstone since 2008. The wind farm was fully commissioned in February 2015.
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 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, one of the largest German offshore wind farms to achieve a full financial closing, and was first to close under Germany’s KfW financing program, 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.
“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.
“ Our team consistently looks for transformative projects that challenge and improve upon the status quo and Meerwind epitomizes that effort. We are pleased that the WindMW team will carry on their impactful work under the new ownership of China Three Gorges.”