Northland Power has reached financial close at its 252MW DeBu offshore wind farm in the German North Sea.
The total cost of the project is €1.3bn and a financing run was oversubscribed, the Canadian company said.
Some 75% of the project’s costs will be provided from a €988 million non-recourse construction and term loan and related loan facilities from ten international commercial lenders.
DeBu is entitled to receive a fixed feed-in tariff subsidy for approximately 13 years under the German Renewable Energy Act, equating to approximately €184 per megawatt-hour for 8 years and €149/MWh for the remainder, Northland said.
Vattenfall will provide direct marketing for the project’s power.
MHI Vestas is supplying 31 V164-8.0MW turbines (pictured ) for the project and Van Oord has secured the balance of plant construction contract.
The latter’s scope includes procurement, construction and installation of turbine foundations, array cables and a substation, as well as the transportation of turbines.
Its jack-up Aeolus and cable-lay vessel Nexus will be deployed on the job, Van Oord said.
Installation will start in the second half of 2018 and DeBu will be operational by the end of 2019.
Image: MHI Vestas
