Revenue Secured

On 4 November 2011, the Dutch government granted Q10 Offshore Wind B.V. (the Eneco-owned project SPV later operated as the Luchterduinen wind farm) a Stimuleringsregeling Duurzame Energieproductie (SDE) production subsidy with a maximum subsidy amount of EUR 989,038,801. The award was made out of the remaining budget of the second SDE round (Regeling windenergie op zee 2009, Stcrt. 2009, 17851) for which Q10 Offshore Wind B.V. submitted its application on 1 March 2010 for a wind farm with a nominal generating capacity of 119.232697 MWe (later configured at 129 MW). The SDE scheme provides a sliding feed-in premium over the production lifetime of the project (typically 15 years for offshore wind), with the EUR 989m figure representing the maximum cumulative subsidy commitment by the Dutch state across the project's full subsidised generation. The award decision was signed in The Hague ("Aldus overeengekomen en in tweevoud ondertekend te's-Gravenhage, 4 november 2011") and published in the Staatscourant of 24 November 2011 (Stcrt. 2011, 21120). This revenue support combined with the Wbr permit (issued December 2009) established the project's regulatory and financial foundations ahead of the Eneco-Mitsubishi joint venture and FID in January 2013.