Northland’s Nordsee One Reaches Final Project Completion

Toronto-based Northland Power Inc. has announced that the 332 MW Nordsee One offshore wind farm achieved final completion on Dec. 20.

The project, located in the German North Sea, was completed on schedule and under its total budget of EUR 1.2 billion.

Nordsee One is owned by Northland (85%) and Innogy SE (15%). The wind farm is expected to produce an annual output of more than 1,300 GWh of electrical energy, enough to supply the equivalent of approximately 400,000 German households.

All 54 turbines have been sending power to the grid since September. Now, the final completion marks the official end of construction and the start of the operational phase of the project. It also signifies that the terms required to satisfy the project lenders for term conversion have been achieved, says Northland.

Concurrent with achieving final completion, Nordsee One has also successfully and favorably restructured the project’s EUR 840 million senior debt. This restructuring will reduce loan margins and improve distributions from the project. Operating distributions from Nordsee One are expected to commence in July 2018 and semi-annually thereafter.

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