Northland funds Gemini with share deal

NETHERLANDS: Northland Power, the majority owner of the 600MW Gemini offshore wind farm, has raised $275 million to help fund development of the project.

Siemens' 4MW turbine will be used on the project
Siemens' 4MW turbine will be used on the project

In a statement, Northland said the money would be raised through a share offering. The compay said the project's total costs would be around EUR 2.8 billion.

Northland has a 60% stake in the project in the Dutch North Sea after striking a deal to by original developer Typhoon Offshore's 5% holding last month.

The company said is has taken a lead role in completing the remaining outstanding development activities and intends to continue its "active leadership role during construction and into operations".

Late last year, Typhoon Offshore brought in a EUR 200 million loan for the wind farm – EUR 120 million from Danish pension fund PKA and EUR 80 million from Northland Power.

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