Blackstone (BX.N) is set to announce its largest renewable energy deal with the investment of a combined 2.5 billion euro ($3.5 billion) into the construction of Germany's biggest ever offshore wind farm, the Financial Times said on Friday. The newspaper said the U.S. private equity firm group will announce on Friday that it has secured financing for an 80-turbine wind farm in the North Sea, which it plans to complete constructing by 2013. The 1.2 billion euro project, dubbed "Meerwind," which was first announced in 2008, is set to produce enough power to service 40,000 households. Blackstone will also unveil plans for an estimated investment of 1.3 billion euro in a project of 64 wind turbines for which it has already acquired a permit. Sean Klimczak, Blackstone managing director, told the FT the group was in talks to purchase a third German permit as it wanted to create the first established offshore wind company.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 10.79% or $-1.66/share to $13.72. In the past year, the shares have traded as low as $9.89 and as high as $19.63. On average, 3334960 shares of BX exchange hands on a given day and today's volume is recorded at 13543424.
