Northland ups 600MW Gemini stake

Canada’s Northland Power will raise to 60% its stake in the 600MW Gemini offshore wind farm in Dutch waters.

Northland said it has agreed to buy the residual 5% stake of Gemini’s developer, Typhoon Offshore.

The Typhoon stake will be added to the rights to 55% of Gemini’s equity that Northland agreed to buy in August last year.

The Canadian group will be the majority stakeholder in Gemini along with a consortium of Siemens – which will supply 4MW wind turbines – Van Oord and HVC, a group of Netherlands municipalities.

Northland said: "Acquiring the rights to a majority equity stake in Gemini is consistent with our commitment to fostering sustainable growth that allows us to deliver reliable returns to investors.”

Gemini – set to be the biggest wind farm in the North Sea on completion – is due to enter construction later this year.

Typhoon said efforts to close financing on the €2.8bn ($3.8bn) project have now entered “execution mode” as it completes arrangements with banks.