Blackstone Goes Into Wind Energy in Germany (BX)

Banking, finance, and taxes

Published: July 15, 2008 9:09 am

The Blackstone Group (NYSE: BX) has announced that it will form a partnership with Windland Energieerzeugungs GmbH to complete the development and construction of Meerwind. This is billed as one of the North Sea’s largest wind farm projects comprised of 80 wind turbines with a combined generation capacity of 400MW.

This offshore project will be located some 80 kilometers (approximately 49 miles) off the northern coast of Germany. It will also cost in excess of €1 billion (almost US$1.6 Billion) to build.

Virtually all technical expertise and materials will be sourced from within Germany. The area management plan for the future wind farms in the North and East Sea was introduced by the German government in July, 2008. The project 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, which it calls enough energy to supply electricity to 500,000 households. It believes this will cut down about 1.4 million tons of CO2 from coal-fired power plants.

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.

Jon C. Ogg
July 15, 2008

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