With a total value of EUR 2,8 billion, the largest-ever European Offshore Wind Financing (Project Gemini) reached financial close on 15 May 2014 in the office of Allen & Overy in Amsterdam.
With a capacity of 600MegaWatt, this offshore wind farm will be one of the biggest in the world. The produced renewable energy will be enough to meet the needs of 785.000 households and will reduce CO2 emissions in the Netherlands significantly.
Over 22 parties were involved in the project, including 12 commercial creditors, 4 public financial institutions, 1 pension fund and an equity consortium. Gemini is owned by a consortium consisting of Northland Power Inc. (60%), Siemens Financial Services (20%), Van Oord Dredging (10%) and Marine Contractors BV and N.V. HVC (10%).
