WindMW, a company majority owned by funds managed by Blackstone, has completed the financing for Meerwind, a 288MW offshore wind farm located in Germany.
The offshore wind power project consists of 80 units of 3.6MW-120 wind turbine, and WindMW plans to complete the construction on the project in 2013.
Once completed, Meerwind will generate enough power to service nearly 400,000 households and will help Germany eliminate about one million tons of carbon emissions per year.
The company said connection to the main grid, as per German law, will be undertaken by the grid operator Tennet TSO.
A group of seven commercial lenders, including Commerzbank, KfW IPEX-Bank, Bank of Tokyo-Mitsubishi, Dexia, Lloyds Banking Group, Santander and Siemens Bank together with EKF, the export credit agency of Denmark, and KfW-Bankengruppe, will provide total financing of EUR822m for the project, with a total investment cost of EUR1.2bn.
Affiliates of Blackstone Capital Partners VI and Blackstone Energy Partners will provide all of the project's invested equity, and the other partner in the project is Windland Energieerzeugungs, the project's initial permit holder.