Blackstone has become a new co-owner of Eurowind Energy, a move that will enable the energy developer to accelerate the expansion of renewable energy projects across Europe. Jens Rasmussen remains CEO of the company and, together with the energy and telecommunications group Norlys, continues to hold a majority stake in Eurowind Energy.
Blackstone, a global infrastructure investor, has become a new co-owner of Eurowind Energy, one of Europe’s leading renewable energy developers. The company, headquartered in Hobro, Denmark, has been building, developing and managing renewable energy projects for more than two decades. It currently owns onshore wind, solar, energy storage and biogas assets in 16 countries, with a total capacity of 1.6 GW.
The EUR 2 billion investment will allow Eurowind Energy to accelerate the development of renewable energy projects in response to rising energy demand and growing pressure on Europe’s energy system. The company’s founders — CEO Jens Rasmussen, Søren Rasmussen and Jakob Kortbæk — together with Norlys, remain the majority owners of the company, while Blackstone has initially acquired a 24.7 percent stake.
“Under its current ownership structure, Eurowind Energy has undergone a significant transformation and substantially increased renewable energy capacity in Europe. Recent events have shown how important it is for Europe to be self-sufficient in terms of stable and competitive energy supplies. Blackstone’s involvement as a long-term investor provides Eurowind Energy with the financial support needed to continue this process and enter the next stage of development,” says Gert Vinther Jørgensen, Chairman of the Supervisory Board of Eurowind Energy and Group CEO of Norlys.
Eurowind Energy plans to build energy parks with a combined capacity of 1.5 GW annually by 2030 and to expand existing installations with energy storage facilities.
“What is important to us is that Blackstone is a long-term investor that supports Eurowind Energy’s strategy of becoming a leading independent power producer in Europe. Blackstone has international experience in the energy and infrastructure sectors. This investment will allow us to increase the pace of development and deliver three to four times more solar, wind and energy storage projects than we would be able to achieve on our own,” says Jens Rasmussen, CEO of Eurowind Energy.
Blackstone has extensive experience in renewable energy investments, including in Invenergy, the largest independent renewable energy producer in the United States, and in a joint venture with NextEra Energy, the world’s largest developer of wind and solar energy.
“In the coming years, Europe will need significant capital to meet rising energy demand. Blackstone has consistently supported the expansion of European energy infrastructure. Over the past two decades, Jens Rasmussen and the management team have built a strong business covering the full value chain of renewable energy projects. We look forward to working with Eurowind Energy and Norlys,” says Adam Kuhnley, Co-Head of European Investments at Blackstone Infrastructure.
The transaction is expected to be completed by the end of the year, subject to the required regulatory approvals.
