China Three Gorges buys German wind park for $1.8bn

China Three Gorges is to buy German offshore wind park Meerwind from US buyout firm BlackstoMeerwind turbine installation and platformne the companies said on Monday.

The Chinese company, which operates the world’s largest hydropower plant on China’s Yangtze River, did not disclose the purchase price on the deal, but Reuters say sources have told them it was in the region of $1.8bn.

The deal, signed during a visit by German Chancellor Angela Merkel to China, has German government approval despite growing controversy over Chinese takeovers of German businesses.

China Three Gorges is looking to diversify away from a saturated domestic hydro market, à‚ and will buy Blackstone’s majority interest in WindMW GmbH, an offshore wind power joint venture. WindMW owns Meerwind, a 288 MW project in the North Sea and one of Germany‘s largest offshore windfarms.

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