Blackstone confirms 1 bln euro German wind park deal

Blackstone confirms 1 bln euro German wind park deal

BERLIN, July 15 (Reuters) – Private equity firm Blackstone Group LP said on Tuesday it would invest more than 1 billion euros ($1.6 billion) to build and manage what it called the North Sea’s largest offshore wind park.
Confirming a July 9 report by Reuters, Blackstone said it had formed a joint venture “Meerwind” with Germany’s Windland Energieerzeugungs GmbH for the 400 megawatt project over an area of 40 square kilometres about 80 kilometres north of Germany.
Blackstone said in a statement the 80 wind turbines would produce 1.6 billion kilowatts of electricity per year — enough for 500,000 households.
The wind energy produced will eliminate the equivalent of about 1.4 million tonnes of carbon dioxide emissions, Blackstone said.
“Projects of this scale were made possible thanks to the reformed regulations and incentives system in Germany that were passed in the German parliament in early June,” Blackstone said in the statement.
Germany has reformed its renewable energy law, leading to an increase in the rates utilities have to pay for offshore wind energy while accelerating a reduction in rates for photovoltaic.
The German government has a goal of reducing its CO2 emissions by 40 percent by 2020 from 1990 levels. It currently gets about 14 percent of its electricity from renewables and aims to sharply increase that.
Last week privately held German investment company Windland Energieerzeugungs GmbH and Blackstone declined to comment on the Reuters report.

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