Northland Power has announced the completion of the Gemini offshore wind farm ahead of schedule and under budget.
All 150 turbines at the 600 MW wind farm in the Dutch North Sea have been operating since October 2016, Northland said in a statement, adding that the project had generated over €250 million of net pre-completion revenues.
Gemini features Siemens 4 MW hardware installed 85 km from the coast of the Netherlands. It is the largest offshore wind farm in the North Sea.
Northland owns 60 per cent of the wind farm, which had a total budget of €2.8 billion. Siemens Financial Services owns a 20 per cent stake in the project, while Van Oord and Dutch utility HVC each own ten per cent.
“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 €2 billion senior debt had also been restructured.
“Today’s announcement is a remarkable achievement and the result of exceptional collaboration between all involved,” said John Brace, CEO of Northland. “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.”