Blackstone has agreed to divest its 80% interest in WindMW to China Three Gorges.
Although, the terms and the financial details about the agreement have not been disclosed, some people familiar with the matter disclosed to Reuters that the value of the deal could be at least €1.6bn ($1.8bn).
WindMW is a Bremerhaven-based joint-venture between Blackstone and Windland Energieerzeugungs (20%).
WindMW owns Meerwind Süd|Ost, one of Germany’s largest offshore wind farm situated in German Bight in the North Sea, 23km from the island of Helagoland.
The wind farm has 80 wind turbines that produce 288MW of electricity, enough to power at least 360,000 homes in Germany.
Blackstone senior managing director Sean Klimczak said: "Our team consistently looks for transformative projects that challenge and improve upon the status quo and Meerwind epitomizes that effort. We are pleased that the WindMW team will carry on their impactful work under the new ownership of China Three Gorges."
The management team of Meerwind, led by CEO Jens Assheuer, designed, built, commissioned and operated the Meerwind Süd|Ost wind farm since 2008 with Blackstone’s partnership.
WindMW’s management team will continue to head the company, but they will directly report to China Three Gorges.
Assheuer said: "We look forward to working together with China Three Gorges, with whom we share a strong commitment to developing and operating renewable energy projects globally."