Northland Power closes buy of Deutsche Bucht offshore wind project
Installation of the first Gemini wind turbine. Author: Northland Power Inc. License: All Rights Reserved.
Independent power producer Northland Power Inc (TSE:NPI) announced today it has finalised the takeover of the firm that owns the 252-MW Deutsche Bucht offshore wind project in German waters.
As agreed in early March, the Canadian company has taken over British Wind Energy GmbH from Highland Group Holdings Ltd.
Northland Power said in a statement it expects to shortly achieve financial close on the project, which is currently in an advanced stage of development. The company estimates the total project cost at about EUR 1.3 billion (USD 1.52bn). The sum, however, could increase to EUR 1.4 billion if it decides to proceed with a plan to add two demonstration turbines utilising suction bucket foundations. If this happens, these machines will increase the plant’s total capacity by 17 MW.
The wind farm will be built off the island of Borkum in the German Exclusive Economic Zone. Completion is anticipated by the end of 2019.