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Deal Date: 15-05-2014 Practice Area: Project Finance and Infrastructure
Deal Title: Project Gemini European Offshore Wind Financing Industry: Electricity
With a total value of EUR 2.8 billion, the largest-ever European Offshore Wind Financing (Project Gemini) reached financial close on 15 May 2014 in the office of Allen & Overy in Amsterdam. ​With a capacity of 600MegaWatt, this offshore wind farm will be one of the biggest in the world. The produced renewable energy will be enough to meet the needs of 785.000 households and will reduce CO2 emissions in the Netherlands significantly. Over 22 parties were involved in the project, including 12 commercial creditors, 4 public financial institutions, 1 pension fund and an equity consortium. Gemini is owned by a consortium consisting of Northland Power Inc. (60%), Siemens Financial Services (20%), Van Oord Dredging (10%) and Marine Contractors BV and N.V. HVC (10%). Allen & Overy acted for the lenders consortium with parties from North America, Asia and Europe, including ABN AMRO Bank N.V., The Bank Of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, Bank Of Montreal, London Branch, Caixabank, S.A., CIBC World Markets Plc, Deutsche Bank AG, Export Development Canada, Natixis, Banco Santander S.A., N.V. Bank Nederlandse Gemeenten, Sumitomo Mitsui Banking Corporation, the European Investment Bank, Euler Hermes, Delcredere Ducroire and Eksport Kredit Fonden. A key element in the financing was the use of export credit guarantees as security. The German export credit agency Euler Hermes granted an export credit guarantee in the form of buyer credit cover as security for the credit tranche granted for the financing of the acquisition of the project components exported from Germany. The Allen & Overy team was lead by partner Werner Runge, Head of the Energy practice in the Netherlands, and counsel Frederique Jacobse. Other team members were Jochem Spaans, Niels Molenaar, Marinus Winters, Kathelijn Noordzij, Willem van der Vossen, IJsbrand de Jong and Marjolein Pichel from our Projects, Banking and Regulated Markets practices.
Financial Center: Amsterdam Value: 0.00-0.00
Advised Party: Debt Provider Law Firm
Project Location Netherlands Equity Sponsor Netherlands
Classification: Project Finance Renewable Energy Wind Farms
Lawyer Werner Runge