Global power producer Northland Power has fully completed the construction of 600MW Gemini wind farm, situated off the cost of Groningen in the Netherlands, ahead of schedule.
Full completion represents the official end of construction and verifies the terms required to satisfy the project lenders for term conversion of loan.
Developed with an investment of €2.8bn, the farm features 150 turbines, which have been operating since October 2016.
So far, the farm has generated more than €250m of net pre-completion revenues.
Jointly owned by Northland Power (60%), Siemens Financial Services (20%), Van Oord Dredging and Marine Contractors (10%) and N.V. HVC (10%), Gemini is expected to generate sufficient clean and renewable energy to meet the requirements of 1.5 million people in the Netherlands.
The farm is also expected to reduce the country’s carbon dioxide (CO2) emissions by 1.25 million tons per year.
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By GlobalDataLocated 85 km from the coast of Groningen, Gemini is one of the largest offshore wind farms in the world.
Northland PowerCEO John Brace said: “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.
“The successful completion of our first offshore wind farm — ahead of schedule and under budget — combined with the loan restructuring, reflects Northland’s proficiency in delivering high-quality sustainable energy infrastructure that provides attractive shareholder returns.”
In addition, Gemini has restructured the project’s €2bn senior debt.
The restructuring is expected to reduce loan margins, remove the original cash sweep requirements in the fifth year under the previous mini-perm financing, and will improve distributions to the owners of the wind farm.
The farm is due to make its first cash distribution to one of its owners, Northland.
Regular distributions from Gemini are scheduled to begin by December of this year and semi-annually thereafter.
