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Financial close bolsters capacity

By: Matthew White 20/07/2018 Northland Power

Foundations General Windfarms

Northland Power Inc. announced that the Deutsche Bucht Mono Bucket pilot demonstrator ("Demo") project has reached financial close. All the required funds for the Demo project have been contributed by Northland and committed by the project lenders.

In May, the Federal Maritime and Hydrographic Agency of Germany (BSH) granted the 252MW Deutsche Bucht offshore wind project the permit required to erect two additional pilot wind turbines using Mono Bucket foundations. The Deutsche Bucht pilot project will be the first offshore wind farm worldwide to test this new type of foundation structure under commercial operating conditions.

Deutsche Bucht is located in the North Sea, approximately 95 km north-west of the island of Borkum. The project is Northland Power’s third offshore wind farm in the North Sea and planned to be completed in late 2019. The two turbines will contribute an additional 17MW of capacity to the base 252MW project and bring the total project cost to approximately €1.4 billion

Northland’s corporate investment has increased from approximately €340 million to approximately €370 million, funded by cash on hand. The balance of the Demo project cost will be funded with non-recourse project finance debt and pre-completion revenues.

Production from the additional 17MW Demo project will earn the same fixed feed in tariff subsidy for approximately 13 years under the German Renewable Energy Act ("EEG") as the base project, equating to approximately €184/MWh for eight years and €149/MWh for the remainder.

John Brace, CEO of Northland Power, said: “Today’s announcement represents yet another first for Northland Power. The addition of the Demo turbines is not only innovative and accretive to the base project, but we are able to undertake this initiative with little additional risk since they will be integrated into the overall construction project. The innovative new mono bucket design could be of significant benefit to some of Northland's future offshore wind farms. The learnings from this pilot could allow Northland to construct faster and lower costs for certain site conditions.”

For more information follow the links provided.

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Financial close bolsters capacity

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