Gemini Offshore Wind Development & Financing

Gemini is a good example of Amscap’s successful management of the development and financing of a large offshore wind project. Amscap merged with Voltiq in July 2022.

Involved as of the tender bidding phase, Amscap led the team that financed Gemini and brought the largest ever offshore wind project to financial close in May 2014. Jan-Peter Elffers was instrumental in the development phase and the financial / technical interface, and other than senior debt was closely involved in the equity placement. Amscap also structured the junior debt tranche and coordinated the placement thereof with institutional investors. Together with a wider team of advisors Amscap raised EUR 2.8 billion for this landmark project.

This significant achievement was recognized by winning three financial awards: the Project Finance International 2014 Power Deal of the year, The Infrastructure Journal 2014 European Wind Deal of the year, and the Infrastructure Journal 2014 Overall Deal of the Year. Gemini proved that a EUR 2.8 billion offshore wind project can be financed within record timelines if the structuring and contracting meets all debt and equity requirements. Knowing how to develop and structure an offshore wind project based on project finance principles from day one is key in order to ensure that a bankable project results. Detailed information on this project can be found on:

geminiwindfarm.com
4coffshore.com

The project was constructed by offshore contractor Van Oord under a 2-party contracting structure, with Siemens supplying the turbines and Van Oord responsible for all offshore construction work. The 600MW project will provide up to 785,000 Dutch homes with green electricity. The project is currently owned by Northland Power Plc. (60%), Siemens Financial Services (20%), Van Oord Marine Contractors B.V. (10%) and N.V. HVC (10%).