Canadian group Northland Power has reached financial close on the 252MW Deutsche Bucht (DeBu) offshore wind farm located in the German North Sea.

The €1.3bn ($1.5bn) project, 100% owned by Northland, will get the majority of its costs covered via loans from ten international commercial lenders.

“Approximately 75% of the project's required costs will be provided from a €988 million non-recourse construction and term loan and related loan facilities,” Northland said in a statement.