After some speculation earlier last week, the Blackstone Group (NYSE: BX) has officially announced a partnership with German-based Windland Energieerzeugungs GmbH to complete one of the largest wind farm projects in the North Sea.
The Blackstone Group will provide over $1.6 billion in funding to complete project Meerwind.
Windland Energieerzeugungs GmbH plans to construct 80 wind turbines by 2012 with a combined generation capacity of 400 megawatts. The completed offshore farm will generate around 1.6 billion KWh annually, or enough electricity to supply 500,000 households.
This investment is the Blackstone Group’s second significant investment in renewable energy in the last year, with the private equity firm investing $870 million in the Bujagali hydroelectric power station project in December 2007.