Northland Power noted that its total investment will be around C$400m ($384.8m) in mezzanine and equity financing, along with C$32m ($30.7m) in credit support for the project.
Expected to be built off the coast of Netherlands, construction on the proposed 600MW offshore wind energy project will begin in late 2014 and is likely to become operational in 2017.
This wind power project is anticipated to enable the government to achieve a European Union (EU) mandate to provide 20% of its energy from renewable resources by the end of 2020.
In addition, Northland has partnered with Typhoon Offshore, Siemens, Van Oord Dredging & Marine Contractors and HVC, for the development of the project.
The European Wind Energy Association noted that approximately 150GW of offshore wind power will be installed in the EU by 2030.
