Toronto-based Northland Power Inc.’s 600 MW Gemini offshore wind farm has achieved full completion ahead of schedule and under its total budget of EUR 2.8 billion.
All 150 turbines have been operating since October and, to date, have generated over EUR 250 million of net pre-completion revenues. Today’s full completion marks the official end of construction and signifies that all the terms required to satisfy the project lenders for term conversion have been achieved, says Northland.
The offshore wind project is owned by Northland Power (60%), Siemens Financial Services (20%), Van Oord Dredging and Marine Contractors BV (10%), and N.V. HVC (10%). Gemini – located 85 kilometers from the coast of Groningen, the Netherlands – is expected to generate enough clean energy to meet the needs of 1.5 million people in the country.
Concurrent with achieving full completion and term conversion of the loan, Gemini has also successfully and favorably restructured the project’s EUR 2 billion senior debt, says Northland.
The project will soon make its first cash distribution to its owners; Northland expects to receive a one-time distribution of approximately EUR 31 million, comprising its share of excess net pre-completion revenues and unused construction contingency. Regular distributions from Gemini are expected to commence in December and semi-annually thereafter.
“Today’s announcement is a remarkable achievement and the result of exceptional collaboration between all involved,” states John Brace, CEO of Northland. “I would like to commend the Gemini project team: Siemens, who supplied, erected and commissioned the turbines; Van Oord, who designed, procured and installed all other aspects of the project; and everyone engaged with the debt restructuring for their significant efforts.”
Photo courtesy of Northland Power
