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Gemini and Siemens ink 3 billion Euro Wind Deal

Posted by May 15, 2014

Photo: Siemens

Gemini offshore wind farm to have 600 MW capacity. Production expected from 2023; Siemens (SIEMENS.NS) to provide 150 wind turbines.

The Dutch Gemini offshore wind farm project signed a three billion euro ($4.1 billion) construction deal with a consortium led by Siemens.

The 600 megawatt (MW) wind power project will be built in the Dutch North Sea, 85 km from Groningen.

"The Gemini consortium has signed all construction, operations and financing contracts today with a total construction budget of nearly three billion euros," the group said in a joint statement on Thursday.

"With more than 20 parties involved, 70 percent of this budget will be provided on the basis of project financing," it added.

German engineering company Siemens will deliver 150 wind turbines with a capacity of four megawatts (MW) and a rotor diameter of 130 metres each to the project, which the group said will provide enough electricity for 1.5 million people once it becomes operational in 2023.

"We are entering one of the most important emerging offshore wind markets in Europe," said Markus Tacke, CEO of the Wind Power Division of Siemens Energy.

The Gemini consortium is 60 percent owned by Canadian firm Northland Power (NPIFF), and 20 percent by Siemens Financial Services. Dutch offshore engineering firm Van Oord holds 10 percent and HVC, a joint venture of over 50 Dutch municipalities and water authorities, holds the rest.

Reporting by Henning Gloystein

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