CTG acquires German offshore wind project

Blackstone Energy Partners and affiliated private equity funds have entered into a definitive agreement to sell its majority interest in WindMW GmbH, ownner of German offshore wind farm Meerwind, to China Three Gorges Corporation, a global power company with extensive renewable power operations around the world. Terms of the transaction were not disclosed.

Situated off the German coast in the North Sea, the 80-turbine, 288 MW windfarm produces enough clean energy to power approximately 360,000 homes. Meerwind windfarm was fully commissioned in February 2015.

Jefferies, PJT Partners and Bank of America Merrill Lynch acted as financial advisors to Blackstone. Gleiss Lutz acted as legal advisor to Blackstone.

Jens Assheuer, Chief Executive Officer, WindMW, said:

“I am grateful to have partnered with the Blackstone team to make possible such a significant contribution to Germany’s clean power efforts. 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.”

Sean Klimczak, Senior Managing Director, Blackstone, said:

“We are proud that Blackstone has played a leadership role in bringing such a landmark project to fruition. 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.”