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A € 3 BILLION DEAL FOR WHAT IS EXPECTED TO BE ONE OF THE WORLD’S BIGGEST OFFSHORE WIND FARMS HAS BOOSTED EUROPE’S BATTERED RENEWABLE ENERGY MARKET

The Gemini wind farm off the coast of the northern Netherlands is backed by a consortium led by an independent Canadian power producer, Northland Power Inc, that includes Germany’s Siemens engineering group.

The Gemini consortium has signed all construction, operations and financing contracts, with a total construction budget of nearly 3 billion. With more than 20 parties involved 70 per cent of this budget will be provided on the basis of project financing –making Gemini the largest-ever project financed offshore wind farm.

Angus McCrone of Bloomberg New Energy Finance, which monitors global renewable energy transactions, said: “This is the largest renewable energy asset finance deal anywhere in the world in 2014 so far.”

The project has a construction budget of nearly 3bnand it has not been financed directly by one of the big European utilities. Indeed, 70 per cent of the Dutch project’sbudget comes from bank project financing.

By supplying 1.5 million of Dutch citizens with clean energy, Gemini will play an important role in helping the Government of the Netherlands achieve the targets mandated by the European Unions Renewable Energy Directive.

It implies for the Netherlands to reach a 14 per cent share of energy from renewable sources by 2020. Today the Dutch market has an installed wind power capacity of 2.7 GW, of which 2.45 GW is onshore. The offshore target of 4.45 GW is expected to be operational in 2023.

 

The gLAWcal Team

Thursday, 15 May 2014

(Source: Financial Times)