China Three Gorges Pays USD730 Million for German Wind Farm Meerwing
Yicai Global
/SOURCE : Yicai
China Three Gorges Pays USD730 Million for German Wind Farm Meerwing

(Yicai Global) Aug. 23 -- China Three Gorges Corp., one of the world's largest energy companies, has agreed to pay EUR645.4 million (USD730.96 million) in cash for German offshore wind power company BCP Meerwind Luxembourg S.à.r.l. from global alternative asset manager Blackstone Group LP.

Subsidiary China Yangtze Power Co. will take a 30 percent stake through its subsidiary China Yangtze Power International (Hong Kong) Co., and the remaining 70 percent of equity will go to sister company China Three Gorges International (Europe) Co., China Yangtze Power announced.

The acquisition also gives China Three Gorges an 80 percent stake in German offshore wind power company WindMW GmbH, via a wholly-owned subsidiary of BCP Meerwind. WindMW operates an offshore wind park 53 kilometers from the German coastline. It is the first offshore wind power project in Germany with full accreditation from energy experts DNV GL, and also the first offshore wind power project in the world rated by Moody's and S&P as investment grade.

The acquisition will enable China Three Gorges to invest in more high-quality power projects overseas, to build up foreign investment and financing channels and in this way lay a solid foundation for future overseas business development, the announcement said.

BCP Meerwind Cayman Ltd, a subsidiary of Blackstone, was a rival bidder.

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