The Blackstone Group (NYSE: BX) has entered into its second large-scale alternative energy project. The private equity giant has announced that it will form a partnership with Windland Energieerzeugungs GmbH to complete the development and construction of Meerwind.
This is being billed as one of the North Sea's largest wind farm projects. The wind farm will comprise 80 wind turbines with a combined generation capacity of 400MW. The project will be located some 80 kilometers (approximately 49 miles) off of the northern coast of Germany in the North Sea and is expected to cost in excess of €1 billion (almost US$1.6 Billion) to build.
The area management plan for the future wind farms in the North and East Sea was introduced by the German government in July, 2008 and supports local government objectives in fighting global warming by reduction of its greenhouse gas emissions by 40% by the year 2020.
The wind farm will generate approximately 1.6 billion KWh annually and will provide enough energy to supply electricity to some 500,000 households.
This will be Blackstone's second significant investment in renewable energy after the financial closing of the $870 million Bujagali hydroelectric power station project in December 2007 by Blackstone's 80% owned portfolio company called Sithe Global.
Blackstone taking stake in German wind energy farm
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