Blackstone fund to put €1 bln in German wind farms

Blackstone fund to put €1 bln in German wind farms
Photo: DPA
The US investment fund Blackstone plans to invest more than €1 billion ($1.57 billion) in German offshore wind farms, a press report said on Thursday.

Germany wants to substantially develop offshore facilities because the country is approaching the limits of potential onland windfarms, the report in the Financial Times Deutschland said.

The government planned to develop 30 sites with a capacity of 25,000 megawatts in the Baltic and North seas by 2030, and had recently raised subsidies for wind-energy sources.

The report said that Blackstone intended to take stakes in the “Meerwind” (Seawind) park planned near Elgoland island in the North Sea.

“Blackstone’s decision will certainly pull other investors in its wake,” even though such funds have curtailed operations owing to the international financial crisis, Ralf Bischof, director of the German wind energy federation, told the paper.