China Three Gorges Corp. is in exclusive talks to buy German offshore wind park Meerwind, Reuters reported, citing sources familiar with the matter.
The Chinese firm, which operates the world’s largest hydropower plant on the Yangtze River, is negotiating final terms of a Meerwind buyout with owner Blackstone, the report said.
The German wind park bid comes as the Three Gorges seeks to expand beyond hydropower amid an increasingly saturated hydel power market in China.
Meerwind wind park, which is 23 km north of the German island of Helgoland and provides electricity for up to 360,000 households, is expected to be valued at about 1.6 billion euro, according to some observers.
The 288 megawatt facility is owned by WindMW, in which Blackstone holds an 80 percent stake and German wind project developer Windland Energieerzeugung has the remainder.
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