Blackstone has agreed to become a co-owner of Eurowind Energy with a stake to support expansion of renewable energy across Europe.
The company said the investment of up to €2 billion will enable Eurowind Energy to accelerate project development amid rising electricity demand.
It added that CEO Jens Rasmussen and Norlys will remain majority owners of the business following the transaction.
Eurowind Energy noted it currently operates across 16 countries with 1.6GW of capacity spanning onshore wind, solar, battery storage and biogas.
The company said it aims to construct energy parks totalling 1.5GW per year through to 2030 and expand existing parks with battery installations.
“Under the current ownership group, Eurowind Energy has undergone significant development, expanding renewable energy capacity across Europe,” said Gert Vinther Jørgensen, chairman of the board of Eurowind Energy and group ceo of Norlys.
“With Blackstone as a long-term investor, Eurowind gains the financial strength required to contribute to this development and take the company into its next phase.”
“It is essential for us that Blackstone brings a long-term investment perspective and supports Eurowind Energy’s strategy to become a leading independent power producer in Europe,” said Jens Rasmussen, chief executive officer of Eurowind Energy.
“Blackstone has international experience within energy and infrastructure, and the investment enables us to increase the pace of expansion and deploy three to four times as much solar and wind energy, as well as battery capacity, as we would otherwise have been able to.”