The new 252 megawatt Deutsche Bucht Offshore Wind Farm set to be developed in the German North Sea has hit two major milestones, with developer Northland Power reaching financial close, and MHI Vestas Offshore Wind being chosen to supply wind turbines.
This week saw two separate announcements that kick the development of the 252 megawatt (MW) Deutsche Bucht Offshore Wind Farm into high gear, yet another offshore wind farm entering development in the North Sea. Canadian-based Northland Power, an independent power producer, announced earlier this month that it had reached financial close on the project. This marks the third offshore wind project for Northland Power, and Deutsche Bucht (DeBu) is located only 77 kilometers from Northland’s other German North Sea offshore wind farm, the 332 MW Nordsee One offshore wind farm. The new DeBu offshore wind farm is expected to generate enough electricity to supply the equivalent amount of electricity used by more than 178,000 households, and will reduce CO2 emissions by 360,000 tonnes per year.
Northland Power confirmed that it had succeeded in closing all the equity contributed to the project and all the debt required for the project, and now owns 100% of the project. Specifically, Northland Power confirmed that approximately 75% of the Deutsche Bucht project’s costs will be provided by a €988 million non-recourse construction and term loan and related loan facilities from ten international commercial lenders.
“Today’s announcement represents an important milestone for Northland’s offshore wind strategy,” explained John Brace, CEO of Northland. “In only a few years Northland has become a leader in European offshore wind, as demonstrated by our 100% ownership of this high-quality project. We would like to thank the project’s financiers and advisors for their thoroughness and proficiency. This achievement is another example of Northland’s commitment to delivering sustained growth and exceptional results.”
Just this week, MHI Vestas Offshore Wind announced that it had received a firm and unconditional order for 31 of its V164-8.0 MW wind turbines for the Deutsche Bucht project.
“We are delighted to see this landmark project reach financial close,” said Jens Tommerup, CEO of MHI Vestas Offshore Wind. “The order affirms the strength of the V164-8.0 MW as a very competitive turbine for the German market, where distance from the coast and deeper waters demands a larger and more powerful machine. We very much look forward to our partnership with Northland in providing clean energy to Germany.”
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