Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
Northland Power’s project team reached financial close for the 332 MW Nordsee One offshore wind farm in March 2015. At this point, full funding for the approximately €1.2 billion project was secured, enabling construction and major procurement activities to proceed. Northland holds an 85% ownership interest and RWE (through its renewables business) holds the remaining 15%. The project finance structure underpins the development, construction and subsequent operation of Nordsee One, located about 40 km off the German coast in the North Sea. Financial close marked the transition from development into the execution phase, locking in the capital required to install 54 Senvion 6.15 MW turbines, associated foundations, inter-array cabling, and the offshore substation, and to bring the project to completion ahead of schedule and under budget in 2017.