Blackstone becomes a new co-owner of energy developer Eurowind Energy, enabling the company to accelerate the expansion of renewable energy across Europe. Jens Rasmussen will continue as Chief Executive Officer and, together with the energy and telecommunications group Norlys, will remain a majority owner of Eurowind Energy.
Blackstone becomes a new co-owner of Eurowind Energy, one of the leading developers of renewable energy in Europe. Headquartered in Hobro, Eurowind Energy has, for more than two decades, developed, constructed and operated renewable energy projects. Today, the company owns onshore wind, solar, battery storage and biogas solutions across 16 countries, with a total capacity of 1.6 GW.
With Blackstone’s investment of up to €2 billion, Eurowind Energy can accelerate the development of renewable energy projects at a time of increasing electricity demand and growing pressure on Europe’s energy supply.
The original founders of Eurowind Energy—CEO Jens Rasmussen, Søren Rasmussen and Jakob Kortbæk—will, together with the energy and telecommunications group Norlys, continue as majority owners of Eurowind Energy, while Blackstone will initially enter the company with an ownership share of 24.7%.
“Under the current ownership group, Eurowind Energy has undergone significant development, expanding renewable energy capacity across Europe. Recent developments have clearly demonstrated how critical it is for Europe to become self-sufficient in stable and competitive energy. With Blackstone as a long-term investor, Eurowind gains the financial strength required to contribute to this development and take the company into its next phase,” says Gert Vinther Jørgensen, Chairman of the Board of Eurowind Energy and Group CEO of Norlys.
Eurowind Energy expects to construct energy parks with a total capacity of 1.5 GW per year through to 2030 and to expand existing parks with battery installations.
“It is essential for us that Blackstone brings a long-term investment perspective and supports Eurowind Energy’s strategy to become a leading independent power producer in Europe. Blackstone has international experience within energy and infrastructure, and the investment enables us to increase the pace of expansion and deploy three to four times as much solar and wind energy, as well as battery capacity, as we would otherwise have been able to,” says Jens Rasmussen, Chief Executive Officer of Eurowind Energy.
Blackstone has extensive experience with investments in renewable energy, including Invenergy, the largest independent renewable energy producer in the United States, as well as a joint venture with NextEra Energy, the world’s largest developer of wind and solar energy.
“There will be a need for significant capital to meet Europe’s energy demand in the coming years, and Blackstone is focused on supporting and accelerating the expansion of Europe’s energy infrastructure. Over the past two decades, Jens Rasmussen and the management team have built a strong business across the full value chain of renewable energy projects, and we look forward to working with them and Norlys to accelerate Eurowind’s long-term capacity,” says Adam Kuhnley, Co-Head of European Investments at Blackstone Infrastructure.
The transaction is expected to be completed before year-end, subject to regulatory approvals.
About Blackstone Infrastructure
Blackstone Infrastructure is an active investor in energy, transport, digital infrastructure, and water and waste infrastructure. Blackstone Infrastructure applies a long-term buy-and-hold strategy to large-scale infrastructure assets, with a focus on delivering stable, long-term value creation combined with predictable annual cash flow returns. Its approach to infrastructure investing is based on responsible stewardship and active stakeholder engagement, with the aim of creating value for investors and the communities in which it operates.
About Eurowind Energy
Eurowind Energy is a Danish renewable energy company specialising in the development, construction and operation of wind, solar and hybrid energy projects across Europe. The company covers the entire value chain, from early-stage development and permitting to financing, construction, operation and energy sales.
Eurowind Energy develops and operates projects across 16 markets and works closely with local communities, authorities and partners to deliver renewable energy that supports the green transition and strengthens energy security.
About Norlys
Norlys is Denmark’s largest integrated energy and telecommunications group. Owned by more than 800,000 cooperative members, Norlys provides energy, charging infrastructure, television, internet and mobile services to Danish consumers.
Norlys owns the country’s largest electricity grid, the largest fibre network, and half of the largest mobile network, TN-Network. In addition, Norlys holds a majority stake in Norlys Energy Trading and the green, circular industrial park GreenLab, as well as a stake in Eurowind Energy, a leading developer of solar and wind parks.
Norlys’ 4,600 employees in Silkeborg, Aarhus, Aalborg, Esbjerg and Copenhagen work towards a green and digital Denmark.
