Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
In May 2014, the Gemini project reached financial close on a €2.8 billion financing package to fund construction of the 600 MW offshore wind farm and its integrated 220 kV AC grid connection, including two offshore high-voltage substations and two export cables linking the offshore sites to the onshore substation at Eemshaven. The package comprised approximately €2 billion in senior debt, €600 million in equity and €200 million in subordinated debt, provided by 12 commercial banks, the European Investment Bank and export credit agencies Euler Hermes, EKF and ONDD, enabling the developer-built transmission assets to proceed as part of the overall project scope.