Blackstone to Invest $3.5B in German Wind Farm

Blackstone is planning to invest a combined 2.5 billion euro ($3.5 billion) into the construction of Germany’s biggest ever offshore wind farm, Reuters reported Friday, citing an article in the Financial Times. The 80-turbine wind farm will be built in the North Sea, and is expected to be completed by 2013.

(Reuters) – Blackstone is set to announce its largest renewable energy deal with the investment of a combined 2.5 billion euro ($3.5 billion) into the construction of Germany’s biggest ever offshore wind farm, the Financial Times said on Friday.

The newspaper said the U.S. private equity firm group will announce on Friday that it has secured financing for an 80-turbine wind farm in the North Sea, which it plans to complete constructing by 2013.

The 1.2 billion euro project, dubbed “Meerwind,” which was first announced in 2008, is set to produce enough power to service 40,000 households.

Blackstone will also unveil plans for an estimated investment of 1.3 billion euro in a project of 64 wind turbines for which it has already acquired a permit.

Sean Klimczak, Blackstone managing director, told the FT the group was in talks to buy a third German permit as it wanted to create the first established offshore wind company.

Blackstone was unavailable for immediate comment.

(Reporting by Stephen Mangan; Editing by Richard Chang)