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China Three Gorges Corporation gets 80% stake of Germany's offshore wind farm with € 1.7 billon

(People's Daily Online)    15:09, June 15, 2016

The Meewind offshore wind farm is located in the waters of the German Bight in the North Sea and 23 kilometers north of the island of Helgoland. 

China Three Gorges Corporation (CTG), the world's largest hydropower development company, has acquired 80% of shares of Germany's Meewind project, an offshore wind farm, with 1.7 billion euro, The Paper reports on Tuesday. 

CTG, one of China's biggest clean energy groups, purchased this from US private equity giant Blackstone and the deal was reached at some 1.7 billion euro (including debt). Both sides signed the agreement on investment and cooperation during German Chancellor Merkel's visit in China. 

Located in the waters of the German Bight in the North Sea and 23 kilometers north of the island of Helgoland, the Meewind offshore wind farm is one of the largest offshore projects in Germany and has been in operation since February 2015. With a total installation capacity of 288,000 kilowatts, it can satisfy the electricity needs for 360,000 households. 

It is the first offshore wind farm in Germany that has been presented a certificate by DNV.GL and the world's first offshore wind project that has obtained an investment-grade credit rating.

The deal is another amongst CTGs' European offshore wind energy acquisitions following the agreement signed with Portuguese national power company during Chinese president Xi Jinping's visit to Britain in October 2015. According to the agreement, the China Three Gorges Corporation and Portuguese national power company EDP-Energias de Portugal will jointly develop the 1.16-million-kilowatt offshore wind power project at the Moray Firth, north of Scotland, with a total investment expected to sum to nearly 40 billion pounds.

China remained the biggest investor in the global clean energy industry in 2015, with a 17 percent year-on-year increase in investment thereby reaching $ 110.5 billion. 


(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Liang Jun,Bianji)

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