Green Giraffe successfully advised the original developer, Typhoon Capital, in the creation and negotiation of a bankable corporate, commercial and technical structure. Green Giraffe advised on the sale of the project to its current owners and subsequently advised the project and the new sponsors on raising EUR 2.1 billion in long term non recourse debt loans from banks, export credit agencies and the European Investment Bank. Jointly owned by Northland Power, Siemens, Van Oord and HVC, Gemini holds the concession in the Dutch exclusive economic zone, for an offshore wind farm of up to 600 MW, comprising 150 Siemens SWT-4-130 turbines.
Project highlights
- 600 MW offshore wind farm, with completion in 2017
- Total project investment of EUR 2.8 billion
- Approximately 85 km off the Dutch coast of Groningen in the North Sea
- Will produce over 2.6 TWh of electricity per annum
Financing highlights
- EUR 2,099 million in long term facilities with financial close in May 2014
- Largest project financing for renewable energy
- Largest offshore wind transaction ever
- First non-recourse construction financing for the new Siemens 4 MW turbine
Awards
- 2014 Europe Power Deal of the Year (PFI)
- 2014 Europe Wind Deal of the Year (IJ Global)
- 2014 Europe & Africa Overall Winner (IJ Global)
- 2014 Wind Deal of the Year (Environmental Finance)
“As financial advisors to Gemini, Green Giraffe’s knowledge and experience was invaluable in structuring the Gemini project financing. Green Giraffe were embedded in the financing team and played a key role in detailed negotiations with the creditors. I have the highest respect for the professionalism and commitment of the Green Giraffe team and we at Northland look forward to working with them again. (Tony Anderson, Northland Power)”
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