north sea wind power

Blackstone Private Equity Firm Invests in German Offshore Wind…In a Big Way

Private equity firm Blackstone is investing in offshore wind in Germany in a big way. The company announced it had secured a total of 1.2 billion euros of financing for the 288MW Meerwind North Sea wind farm project, as well as obtaining a permit for Nordlicher Grund, a 64-turbine, 1.3 billion euro North Sea wind farm. A group of seven banks will provide 822 million euros in debt financing with Blackstone supplying Meerwind’s equity. Supporting the financing is Germany’s feed-in tariff, which locks in rates for Meerwind’s electricity output.

Offshore Wind Power: ABB Wins $1 Billion North Sea Contract

Swiss engineering group ABB closed the largest power transmission order in its long history, a $1 billion contract to connect planned offshore North Sea wind farms to the German electricity grid. Due to be completed by 2015, the transmission system will deliver 400 MW of clean, renewable power to the German grid – enough to supply more than 1.5 million households – while avoiding more than 3 million tons of carbon dioxide emissions.