Financing for offshore wind farm “Nordsee One” is set

 On March 19, Northland Power Inc., Toronto (“Northland”) and RWE Innogy GmbH, Essen (“RWE”) announced the full placement of project financing for the planned North Sea One offshore project. An important milestone has been reached in the amount of 1.2 billion euro invested. Northland’s share of the offshore wind farm is 85 percent, with RWE holding the remaining 15 percent of the shares.

Northland and RWE are also joint owners of the North Sea 2 and North Sea 3 projects, which are still in the early stages of development. These projects (formerly Innogy Nordsee 1-3) have initiated the ENOVA group of companies and have taken over the approval planning. In 2008, the project rights of the offshore wind farms were sold to RWE Innogy GmbH. After the sale, the project area was divided into three segments of almost equal size. As a project developer, ENOVA continues to be entrusted with the development of all three wind farm areas until approval.

The project area for the planned offshore wind farm “Nordsee One” is located 40 kilometers north of the island of Juist in water depths of up to 29 meters. A total of 54 wind turbines of the 6 MW class are to be erected there. The construction of the offshore components is sheduled in 2016. Commercial operation is planned for the end of 2017. After commissioning, “Nordsee One” will supply around 400,000 German households with renewable electricity.

The North Sea 2 and 3 projects have a total output of 670 MW and will be developed over the next ten years.