Northland Power’s €2.8 billion, 600 MW Gemini Offshore Project achieves full completion

Northland Power announced that its €2.8 billion, 600 MW Gemini Offshore achieved full completion on April 28, 2017. The farm is owned by Northland Power (60%), Siemens Financial Services (20%), Van Oord Dredging and Marine Contractors BV (10%) and N.V. HVC (10%).

The farm consist of 150 turbines that have been operating since October 2016 and, to date, have generated over EUR250 million of net pre-completion revenues. 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 expects to receive a one-time distribution of approximately EUR31 million comprised of its share of excess net pre-completion revenues and unused construction contingency. Regular distributions from Gemini are expected to commence in December of this year and semi-annually thereafter.

Northland CEO John Brace said that Today’s announcement is a remarkable achievement and the result of exceptional collaboration between all involved. He 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.

Image Source: Northland Power