Blackstone Group (NYSE: BX) has announced the completion of Germany's largest offshore wind farm to achieve a full financial closing. The $1.7 billion Meerwind Süd │Ost wind farm located in the German North Sea has a power generation capacity of 288 megawatts.
WindMW GmbH, a joint-venture between Blackstone Energy Partners and Windland Energieerzeugung, began construction on Meerwind in 2012 and completed the build on schedule within 18 months. Meerwind is comprised of 80 Siemens SWT-3.6 120 wind turbines, which are expected to help power an estimated 360,000 homes. WindMW has also completed the installation of Meerwind's offshore converter substation.
"We are very pleased to have reached this important project milestone, bringing Germany one step closer to meeting its green energy targets," Sean Klimczak, senior managing director at Blackstone, said in a statement. "Together with our partners, we would like to thank our suppliers and their hard-working teams for their efforts to make our project vision a reality."
Meerwind is the first offshore wind project to close under Germany’s KfW financing program, which is focused on helping the country meet its renewable energy targets by providing debt financing to greenfield energy projects.