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Blackstone to Greenfield Greener Energy
PE firm looks ready to invest $1.6 billion in development of North Sea wind farm.
July 10, 2008
The Blackstone Group will invest about $1.6 billion to join with already-approved German investors looking to develop an alterative energy plant in the North Sea, it was reported Thursday.
The buyout group, which, earlier this week, was part of a consortium that won rights to buy The Weather Channel from Landmark Communications, is making its first foray into alternative energy as oil prices maintain a high cost.
A Blackstone representative declined to comment about the report, which first appeared in The Financial Times, when reached.
Germany has recently pushed more development in off-shore wind farms to develop alternative energy and to offset a reduced output in energy from outlets like nuclear plants and a shrinking amount of real estate on which to locate land-based farms.
The renewable energy sector has seen recent interest, especially with the spike in oil prices. Morocco, for example, just last month saw Abu Dhabi National Energy Company PJSC and French energy firm THEOLIA swoop in for a wind play. And in the US, California is one of several states that instituted recent quotas that certain percentages of consumers’ electricity be derived from alternative sources.
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