Northland Power announced that the 332-MW Nordsee One offshore wind farm achieved final completion on December 20th, 2017. The project was completed on schedule and under its total budget of EUR 1.2 billion (over $1.4 billion USD).
All 54 turbines have been sending power to the grid since September 2017. Final completion marks the official end of construction and the start of the operational phase of the project, and also signifies that the terms required to satisfy the project lenders for term conversion have been achieved.
Concurrent with achieving final completion, Nordsee One has also successfully and favorably restructured the project’s EUR 840 million senior debt. This restructuring will reduce loan margins by 150 bps and improve distributions from the project. Operating distributions from Nordsee One are expected to commence in July 2018 and semi-annually thereafter.
“The announcement represents another important achievement for Northland,” says John Brace, CEO of Northland. “The successful completion of our second offshore wind farm demonstrates Northland’s ability to deliver large-scale sustainable energy infrastructure that creates long-term value for shareholders and off-takers alike.
Brace added, “A big thank you to our project team for their sustained effort, dedication and expertise, and for maintaining Northland’s commitment to construct high-quality projects that are completed on time and on budget, supporting the global transition to a low-carbon future.”
Nordsee One is owned by Northland (85%) and Innogy SE (15%). The wind farm is expected to produce an annual output of more than 1,300 gigawatt-hours of electrical energy, enough to supply the equivalent of approximately 400,000 German households.