Blackstone to Invest $1.57 Billion in Wind Farm

Private equity firm Blackstone plans to invest more than $1.57 billion (1 billion euros) in a project to build wind farms in the North Sea to generate electricity, people familiar with the matter said.

Blackstone plans to take a stake in the "Meerwind" project to build some 80 wind farms off with a capacity of 400 megawatts off the German island of Helgoland, two people said on Wednesday.

The owners of the project, privately-held German investment company Windland Energieerzeugungs GmbH, and Blackstone declined to comment.