Project Gemini is a EUR 2.8 billion, 600MW offshore wind farm project, to be located in the Dutch North Sea, 55 kilometres north of Schiermonnikoog Island.
It is the largest project to be financed in the wind sector, receiving EUR 1,094 million in senior secured construction and term debt from a consortium of 10 international commercial banks and Export Development Canada (EDC). The substantial underwriting commitments obtained from these banks signify a new era for the offshore wind industry.
Financial model audit for wind farm project - Gemini
Corality played a key role in this project, assisting with the model audit for one of the major sponsors. “We were invited by Northland Power to work on this 600MW offshore wind project as part of their investment into Project Gemini. Being model audit specialists, we were able to bring our expertise in the renewables industry, experience with bankable models and ability to deliver under significant time pressures which often exist with transactions,” says Anna Louie, Renewable Energy Lead at Corality Financial Group.
Northland power benefits from wind farm financial model audit
Subject to the approval of each sponsor’s board, Northland Power Inc. (60%), Siemens Financial Services (20%), Van Oord Dredging and Marine Contractors BV (10%), and N.V. HVC (a joint venture of 48 Dutch municipalities and six water regulatory authorities) (10%) will share ownership of the wind farm. It is expected that the wind farm will reach commercial operations mid-2017.
To read more about Project Gemini, click here.
If you would like to learn more about Corality's experience in Wind Energy you may find this article about Hornsdale wind farm financial close interesting.
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