May 1 (Renewables Now) - The 600-MW Gemini offshore wind farm near the Dutch coast has achieved full completion on April 28, ahead of schedule and under budget.
Canada-based power producer Northland Power Inc (TSE:NPI) said on Friday all terms required to satisfy the project lenders for term conversion have been achieved. Also, Gemini has also restructured the project's EUR 2 billion (USD 2.2bn) in senior debt, trimming loan margins, removing the original cash sweep requirements in year 5, and lifting distributions to the owners.
Northland Power, which holds a 60% stake in the offshore wind farm, expects to get a one-time distribution of about EUR 31 million for its share of excess net pre-completion revenues and unused construction contingency.
The other shareholders in the project are Siemens Financial Services with 20%, and Van Oord and NV HVC each with 10%. Regular distributions from Gemini are seen to commence in December 2017 and semi-annually thereafter.
Our 150 wind turbines produced power simultaneously last week. Testing and final works continue, ensuring on time completion in Q1/2 2017. pic.twitter.com/985ST2AedX— Gemini Windpark (@GeminiWindpark) December 13, 2016
The 150 Siemens turbines that make up the wind farm have been producing power since October 2016 and have so far generated more than EUR 250 million in net pre-completion revenues. The power plant at sea is to produce as much power per year as 1.5 million people use in the Netherlands, and avoid 1.25 million tonnes of annual carbon dioxide (CO2) emissions.