The Gemini offshore wind farm has successfully amended its senior and subordinated debt, the project announced.
The wind farm reached the key milestone, repricing the hedge and fully replacing all reserve accounts to debt service reserve facilities.
The senior facilities are provided by a syndicate of financial institutions. The debt service reserve facilities are made available by a subset of the senior lenders.
Gemini is a 600MW offshore wind farm located 85 km off the coast in the Dutch part of the North sea. The wind farm has been in operation since May 2017 and is fully ISO 45001 and 55001 certified.
The Gemini windfarm is ultimately owned by Northland Power, Siemens Financial Services, HVC and Alte Leipziger/Hallesche Group.
Stephan Berendes, CFO of Gemini stated: “The amendment of this €1.6b project financed debt, with this large group of global financial institutions, is an important step in the continuous strengthening of the business case for Gemini and its sponsors.
“We are proud of this achievement and grateful for the continuous efforts of our lenders, sponsors and advisors to support the energy transition.”