Seven projects completed construction, two landmark projects secured financing — Butendiek in Germany and Masdar’s London Array refinancing — and there was an increase in transmission asset transactions.
In May, the €2.8bn ($3.6bn) Project Gemini — a 600MW development 85km off the Dutch coast — reached financial close. With roughly €2bn of non-recourse debt funding 70% of the construction, and sponsors Northland Power, Siemens Financial Services, Van Oord and HVC providing the equity, the deal was the largest project-financed offshore wind farm to date.
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