Ontario-based Northland Power Inc. has entered into agreements for the rights to acquire a 55% equity stake in the 600 MW Gemini offshore wind project. Currently in advanced development, the project is located 85 km off the coast of The Netherlands in the North Sea.
The project team includes Siemens, Netherlands-based developer Typhoon Offshore B.V.; Netherlands-based marine contractor Van Oord Dredging and Marine Contractors B.V.; and HVC N.V., a joint venture of 48 Dutch municipalities and six water regulatory authorities.
The project will be constructed under a two-contract strategy involving Siemens and Van Oord: Siemens was selected as the preferred turbine supplier, and Van Oord will be responsible for supply and installation of the wind turbine foundations and the entire electrical infrastructure. Northland says it intends to take a lead role during the remainder of development as well as construction and operations.
Northland's total net investment will be approximately C$400 million, consisting of mezzanine and equity financing, in addition to credit support in the amount of approximately C$32 million to secure agreements with the Dutch government. The company's investment is subject to various final approvals
Construction of Gemini is expected to start in late 2014, with commercial operation slated for 2017.