Gemini Offshore Wind Project Closes Financing, Orders Siemens Turbines

NAW Staff, Thursday 15 May 2014 - 00:00:00

Canada-based Northland Power has announced the financial close on the 600 MW Gemini offshore wind project, to be located off the coast of the Netherlands in the North Sea. In addition, the consortium behind the project has selected Siemens to supply the turbines and future maintenance.

Gemini is owned by a consortium consisting of Northland Power (60%), Siemens Financial Services (20%), Van Oord Dredging and Marine Contractors BV (10%) and N.V. HVC (10%).

Over 22 parties, including 12 commercial creditors, four public financial institutions, and one pension fund, raised EUR 2.8 billion of equity and debt required for the project. According to Northland, this represents the largest project financing in the offshore wind sector.

"Today's results validate the high quality of the project and illustrate Northland's evolution from a leading Canadian power producer to an international company taking on world-class projects,” says John Brace, CEO of Northland Power.

Siemens will supply and erect 150 4-MW wind turbines, each with a rotor diameter of 130 meters. Siemens also entered a 15-year service and maintenance agreement for the Gemini project - the company’s largest service order to date for Siemens Energy Service.

Northland says the project has now commenced construction and is expected to reach full commercial operations in 2017.




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