CTG to buy wind farm from Blackstone

China Three Gorges Corp, the world's biggest hydropower builder, is further diversifying its business into the offshore wind market by buying the Meerwind, a major German offshore wind farm, from US buyout and investment firm Blackstone Group LP.

The Beijing-based hydropower company inked a deal on Monday to buy Blackstone's majority stake in WindMW, a German offshore wind farm operator, according to a CTG statement.

The German group owns the 288-megawatt Meerwind project in the North Sea. Located about 53 kilometers from shore, it is one of Germany's biggest offshore wind farms.