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Northland Power Inc. and RWE Innogy GmbH have announced that the € 1.2 billion Nordsee One project has reached financial close, with all of the equity contributed to the project and all debt required for the project now fully committed by the project lenders.

Northland owns 85% of the 332MW offshore wind farm to be located 40 kilometres off the coast of Germany, and RWE retains the remaining 15% interest. Approximately 70% of the project’s required costs will be provided from an €840 million non-recourse secured construction and term loan and related loan facilities from ten international commercial lenders. Senvion will supply, install, and maintain the 54 wind turbine generators for the project, each with a 6.15MW capacity.

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