Northland Power has announced the completion ahead of schedule of the 600MW Gemini offshore wind farm in the Dutch North Sea.
The €2.8bn project consists of 150 4MW Siemens machines, which have been operating since October 2016.
“Full completion marks the official end of construction and signifies that all of the terms required to satisfy the project lenders for term conversion have been achieved,” Northland said.
The company added that the project’s €2bn senior debt had also been restructured.
The restructuring will “reduce loan margins, remove the original cash sweep requirements in year five under the previous mini-perm financing, and significantly improve distributions to Gemini’s owners”, Northland said.
The shareholders in Gemini are Northland, Van Oord, Siemens and Dutch municipal utility HVC.
Northland chief executive John Brace said: “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.”
Image: Van Oord
