The Blackstone Group is planning to invest more than €1 billion ($1.57 billion) in a large-scale wind farm project off the coast of Germany.
The investment, one of Blackstone’s first in renewable energy, will provide capital to the German government-sanctioned “Meerwind” project to construct roughly 80 wind farms off the North Sea island of Helgoland, according to a report from Reuters, which cited two unnamed sources.
Blackstone declined to comment.
Blackstone will partner with German engineering firm Windland Energieerzeugungs. Construction of the project’s pilot phase is intended to be completed by 2012.