Biggest Dutch Wind Park in Canadian Hands
AMSTERDAM, 03/08/13 - Canadian green energy producer Northland Power is taking a majority stake in Gemini, the biggest Dutch wind park that is to be built offshore, on the North Sea.
Northland has the intention of taking a 55 percent stake or nearly 300 million euros. Siemens, which is supplying 150 turbines, is taking a 20 percent stake. The Dutch builder of the park, Van Oord, is taking a 10 percent stake, as is utilities company HVC of Alkmaar.
The stakes will be taken from the Amsterdam investment concern Typhoon, which is still currently the owner of the project. Typhoon will retain a stake of 5 percent in the park.
Later this year, Typhoon expects to complete the rest of the financing, including a substantial bank loan. The total investment costs are put at 2.8 billion euros.
On Wednesday, Typhoon at the last minute won a bank guarantee which was necessary in order to secure a substantial subsidy for the park. The electricity that the Gemini park will supply will be eligible for a subsidy from the Dutch government, which will amount to a maximum of 4.5 billion euros over a period of 15 years.
Typhoon says construction of the park will begin next year. It is to be completed and operating at full capacity in 2017. The 150 wind turbines have a combined capacity of 600 megawatts, enough to supply nearly 700,000 households.
Northland bought out the Abu Dhabi state investment fund Taqa, which was for a long time the envisaged partner for the construction of the Gemini park. The Arabs however got cold feet in sight of the finish, because they do not yet have any experience with wind energy.