Blackstone Invests €2 Billion in Renewables Firm Eurowind
(Bloomberg) -- Blackstone Inc. has agreed to invest as much as €2 billion ($2.3 billion) in Eurowind Energy, a pan-European renewables developer and independent power producer.
Eurowind Chief Executive Officer Jens Rasmussen will continue to lead the firm and remain invested alongside Norlys, Denmark’s largest integrated energy and telecom group, according to a statement reviewed by Bloomberg News.
Blackstone’s investment represents a minority stake in Eurowind, according to people familiar matter with the matter, who asked not to be identified discussing confidential information. The deal will provide capital to accelerate Eurowind’s renewables development activities at a time when power demand in Europe is ratcheting up.
The transaction, led by Blackstone Infrastructure, marks one of the largest sponsor-backed investments in a private renewables developer. The value of deals in the broader renewable energy sector has fallen around 18% this year to roughly $20 billion, data compiled by Bloomberg show.
Based in Hobro, Denmark, Eurowind’s business includes onshore wind, solar, battery storage and biogas operations. With about 700 employees, it has a presence across 16 markets in Europe.
Blackstone has struck several deals in European infrastructure in the past year or so, including an acquisition of a minority stake in UK airport operator AGS and a deal to buy Spanish waste services company Urbaser with EQT AB. Blackstone’s infrastructure team, alongside its real estate business, are also investors in all of the firm’s European data centers.
Financial sponsors including Blackstone have all been talking about an increased investment focus on real, tangible assets, with the firm’s President Jonathan Gray citing a need for “terra firma.”
Blackstone sees the opportunity to invest in more than $500 billion of European assets by 2035, including in the energy transition, energy security, electrification, re-industrialization and digitalization.
(Updates with dealflow data in fourth paragraph. An earlier version of this story corrected a description of where the Eurowind transaction ranked.)
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