Northland Makes Progress on Gemini
- Business & Finance
Northland Power, Canadian developer of green energy projects, has reported its financial results for the quarter ended March 31, 2014.
Project Gemini, the 600 MW offshore wind project in the North Sea, with an estimated capital cost of EUR2.8 billion, continued to make significant progress.
In April 2014, Northland received final board approval to proceed with its equity investment, sub-debt investment, its share purchase for its 60% interest in the project, and for certain early capital expenditures for longer lead time items on the project.
As of the date hereof, $167 million has been funded by Northland for the share purchase and advancement of capital expenditures and EUR24 million in letters of credit have been provided that will be returned upon the project reaching financial close. All amounts funded or expected to be funded for Project Gemini will be sourced from previous capital raises, the term facility and cash on hand.
The project is also nearing completion of its approximately EUR2 billion non-recourse project financing with a consortium of creditors including major international lenders, export credit and other governmental agencies, and subordinated debt. Management expects full financial close to be finalized before the end of May 2014.
Northland has also appointed Sean Durfy to its executive team as President and Chief Development Officer.