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.