Blackstone to refinance and sell Meerwind Sued/Ost offshore wind park in Germany

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Blackstone to refinance and sell Meerwind Sued/Ost offshore wind park in Germany

Blackstone Group LP has plans to refinance ans sell the 288 MW Meerwind Sued/Ost offshore wind park located in the German North Sea.

The offshore wind farms Meerwind Süd and Meerwind Ost are a 288 MW project located in the German Bight in the North Sea 23 km north of the island of Helgoland. The wind farm will consist of 80 wind turbines with a power output of 3,6 MW each. All turbines will be connected to a farm internal transformer platform to which the grid connection will be installed.

The project is owned by WindMW, which is owned by Windland Energieerzeugungs GmbH (20%) and Blackstone (80%). 

The potential deal could reach a total consideration of approximately €1.4 billion (US$1.5 billion) based on per-MW multiples of recent deals.

On 11 November Moody's Investors Service assigned a provisional senior secured (P)Baa3 rating to €960 million (US$1.03 million) of project bonds, maturing 2021 and 2027 to be issued by WindMW GmbH. The proceeds will be used to refinance existing bank loans and pay associated swap breakage fees and other transaction commissions and expenses. 

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