Alternative asset manager Blackstone announced today an investment of up to €2 billion (USD$2.3 billion) to acquire a significant stake in Denmark-based renewable developer Eurowind Energy, with the new capital aimed at scaling the company’s renewable energy development activities across Europe.

Founded in 2006 by CEO Jens Rasmussen, Søren Rasmussen and Jakob Kortbæk, and jointly owned by Danish integrated energy and telecoms conglomerate Norlys, Eurowind Energy develops, builds, and operates clean energy projects across Europe and the U.S., spanning wind, solar, battery storage and Power-to-X technologies, enabling decarbonization in hard-to-electrify sectors such as shipping, aviation and heavy industry.

Eurowind said that with access to significant capital, the company will now be in a position to increase the pace of development and construction, scale its portfolio, and take on larger and more complex projects.

Norlys and the founders will remain majority owners. According to the company’s website, Norlys holds a 37.7% stake, while Blackstone holds 24.7%.

Jens Rasmussen, Chief Executive Officer of Eurowind Energy said:

“Blackstone brings a long-term perspective with perpetual capital and believes in Eurowind Energy’s strategy to become a leading independent power producer in Europe. The firm has significant experience within energy and infrastructure, and the investment will allow us to accelerate the pace of expansion and install three to four times more solar and wind energy as well as batteries versus our current pace.”

According to Blackstone, the investment comes as European power demand enters an inflection point, with electrification, AI, re-industrialization and the need for greater energy security expected to drive more than 3% annual growth through 2040 after years of flat or declining demand.

The transaction marks Blackstone’s latest investment with European renewable energy companies, following a partnership with Bulgaria-based Sunotec earlier this month.

Adam Kuhnley, Co-Head of European Investments at Blackstone Infrastructure said:

“Significant capital will be required to meet European energy demand in the coming years, and Blackstone is well-positioned to support and accelerate Europe’s energy infrastructure build-out. Over the past two decades, Jens Rasmussen and the management team have built an outstanding, vertically integrated renewables platform, and we are excited to partner with them and Norlys to accelerate Eurowind’s long-term clean energy deployment across Europe.”

The transaction is expected to close before the end of 2026, subject to customary conditions, the companies said.