By revising its senior and junior loans, repricing the hedge, and completely replacing all reserve accounts with debt service reserve facilities in October 2022, Gemini Wind Farm achieved a significant milestone.
85 kilometers off the Dutch coast, in the Dutch portion of the North Sea, is the 600 MW offshore wind farm known as Gemini. Since May 2017, the wind farm has been in operation. It is completely ISO 45001 and 55001 certified.
A group of financial institutions provides the senior facilities. A subset of the senior lenders offers the debt service reserve facilities.
The modification of this EUR 1.6 billion project-financed debt, with this sizable group of international financial institutions, is a crucial milestone in the ongoing strengthening of the business case for Gemini and its Sponsors, according to Stephan Berendes, CFO of Gemini. We are happy with this accomplishment and appreciative of our lenders, sponsors, and advisers’ ongoing support of the energy transformation.
Northland Power, Siemens Financial Services, HVC, and Alte Leipziger/Hallesche Group collectively hold the Gemini wind farm. Northland Power is the company that operates the subordinated facility.
Image source: Gemini Wind Park