26 Nov 2015 – WindMW has hired JP Morgan to advise on the sale of its Meerwind Sud/Ost offshore wind farm project, two sources familiar with the situation said.
Meerwind Sud and Meerwind Ost have an installed capacity of 288 MW, consisting of 80 turbines with a capacity of 3.6 MW each. The project is located in the German Bight in the North Sea, some 23 km North off the island of Helgoland, according to WindMW’s website. The project, which became operational in 2014, has secured a feed-in tariff for the first 13 years of operation, its website states.
The project is thought to be worth about EUR 1.5bn, the first source said.
Since WindMW is selling the entire wind farm project, leaving it without a strategic player, it will not be a straightforward buy for a purely financial investor, the first source said. Buying interest would will likely come from a consortium, the second source agreed.
WindMW is a joint venture owned by Blackstone (80%) and Windland Energieerzeugungs.
WindMW, Blackstone and JP Morgan did not respond to requests for comment.
By Katie McQue