WindMW GmbH, a company majority-owned by funds managed by Blackstone, has completed financing for Meerwind, an 80-turbine offshore wind farm in Germany.
The project will be located approximately 50 km off the German coast in the North Sea. Construction of the 288 MW offshore wind farm is expected to be complete in 2013. The project is funded through the recently unveiled offshore wind program created by KfW Bankengruppe and Germany's Federal Ministry for the Environment.
A group of seven commercial lenders will provide total financing of 822 million euros for the project, with a total investment cost of 1.2 billion euros. Affiliates of Blackstone Capital Partners VI LP and Blackstone Energy Partners LP will provide substantially all of the project's invested equity. The other partner in the project is Windland Energieerzeugungs GmbH, the project's initial permit holder.
The investment funds the installation of 80 substructures (monopile foundations) with Siemens 3.6 MW-120 wind turbines, the laying of infield cables, as well as the installation of an offshore high-voltage substation. Connection to the main grid, as per German law, will be undertaken by the grid operator, Tennet TSO GmbH.