March 7 (Renewables Now) - The developers of the 320-MW Friesland offshore wind park in the Netherlands and the Provincial Executive of the northwestern Dutch province of Friesland have reached an in-principle agreement on an investment in the project.
The agreement will now be submitted to the Provincial Council, which will decide on it on April 19, the province said last week. Subject to the council's consent, the deal will be signed officially by May 15.
The news comes after the wind farm developers and the province signed a memorandum of understanding (MoU) in November 2016. The past months were spent in examining what form the province's financial participation of up to EUR 127 million (USD 135m) should take. The province wants a minority stake with some controls to safeguard public interests.
The investment will be made at the point when construction can begin and overall project financing has been completed, which is expected in the second half of 2018. According to the announcement, this is the first time a Dutch province will participate directly in a wind project.
The wind park will consist of 89 turbines that will be erected in the northern part of the IJsselmeer lake. It is expected to start generating power in 2021. Local residents will then have the chance to participate financially in the facility.
Development of the wind farm is being managed by Ventolines BV.
(EUR 1.0 = USD 1.059)