Project Gemini reaches financial close
Press release, 14 May 2014
The EUR 2.8 bn financing of the 600 MW Gemini project, where Green Giraffe advised the borrower, closed on 14 May 2014. Here’s the press release describing the transaction, as provided by the company at the time.
Largest European Offshore Wind Financing To Date
Project Gemini Reaches Financial Close
- At €2.8 billion, it is the largest-ever project financing to date for an offshore wind farm;
- Strong equity consortium consisting of Northland Power Inc., Siemens Financial Services, Van Oord Dredging and Marine Contractors BV and N.V. HVC;
- Two-contract structure for turbine supply and project construction;
- Strong revenues through Netherlands sustainable energy subsidy (SDE) program;
- Project will play an important role in achieving European Union’s Renewable Energy Directive which calls on Member States to reach a 20% share of energy from renewable sources by 2020; and
- Gemini will be the largest offshore wind farm in the North Sea, which has one of the strongest and most reliable wind resources in the world.
Project Gemini is pleased to announce that it has placed all of the €2.8 billion of equity and debt required for the project. More than 22 parties, including 12 commercial creditors, 4 public financial institutions, 1 pension fund together with Northland Power Inc. as subordinated debt lenders and the 4 members of the equity consortium were involved in the signing of the financing contracts. 70 percent of this budget will be provided on the basis of project financing, making Gemini the largest-ever project financed offshore wind farm.