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4C is now TGS
We are excited to announce a significant milestone in 4C Offshore's journey. Our integration into the TGS family marks the beginning of a new era in offshore wind market intelligence.
“I would like to thank our partner RWE for their expertise, support and cooperation throughout the final stages of development and financing,” added Sean Durfy, President and Chief Development Officer of Northland. “I would also like to acknowledge the efforts of the team, who demonstrated their proficiency in development and project finance by completing this process in only six months. The integration of the Northland, RWE and Nordsee One teams was seamless, and we will continue to work closely together throughout construction, which will be executed by a team of highly experienced offshore wind professionals.” The project is located 40 kilometers north of Juist Island in German territorial waters with shallow water and high wind speeds – ideal conditions for an offshore wind farm. Once operational, Nordsee One is expected to generate over 1,200 gigawatt hours of electricity per year, enough to meet the needs of approximately 400,000 German households. Offshore wind development is a key feature of Germany’s ‘Energiewende’ program, the official policy supporting renewable power generation with a stated goal for offshore wind capacity of 6.5 GW of installed capacity by 2020 and 15 GW by 2030. “This important milestone is the achievement of a long development process and allows the construction work to start. It is the result of the work of a dedicated project team which we are very proud to lead and it represents a cornerstone of Germany’s energy transition process. We as Nordsee One are proud to contribute to this challenging endeavour,” said Pierre Lestienne and Tim Kittelhake, the joint managing directors of the project. The Project was advised by Green Giraffe (financial), Linklaters (legal), Chatham (hedging). The banks were advised by Clifford Chance (legal), Sgurr (technical), Benatar (insurance), Corality (model audit) and EY (tax). Northland and RWE also jointly own two early-stage development projects, Nordsee Two and Nordsee Three, each with the same ownership levels as Nordsee One (85% and 15% respectively). These projects, totaling approximately 670 MW, are anticipated to be developed over the next decade as offshore wind tariffs are extended and the grid infrastructure is made available.
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