Construction is claimed to have been completed ahead of the schedule and within its total budget of €2.8bn.

All of the 150 turbines were installed last October and the commissioning of the wind farm has been officially completed by the end of this April.

Northland Power said the wind farm has generated more than €250m of net pre-completion revenues.

Simultaneous to the project’s completion and term conversion of the loan, Gemini has successfully restructured a €2bn senior debt. The restricting is expected to reduce loan margins, take away original cash sweep requirements in 5th year under the previous mini-perm financing, while significantly improving distributions to the owners of the wind farm.

Northland CEO John Brace said: "Today's announcement is a remarkable achievement and the result of exceptional collaboration between all involved.

"I would like to commend the Gemini project team; Siemens, who supplied, erected and commissioned the turbines; Van Oord, who designed, procured and installed all other aspects of the project; and everyone engaged with the debt restructuring for their significant efforts.

“The successful completion of our first offshore wind farm — ahead of schedule and under budget — combined with the loan restructuring, reflects Northland's proficiency in delivering high-quality sustainable energy infrastructure that provides attractive shareholder returns."

Owners of the Gemini offshore wind farm include Northland Power with 60% stake, Siemens Financial Services with 20% stake, Van Oord Dredging and Marine Contractors with 10% stake and N.V. HVC  with the remaining 10% stake.

The wind farm with its 150 of Siemens’ turbines, each producing 4MW, is expected to generate enough clean and renewable energy to meet the needs of 1.5 million people in the Netherlands, and reduce the country's CO2 emissions by 1.25 million tons per year.

The wind farm, located 85 kilometers from the coast of Groningen, is one of the largest offshore wind farms in the world.

Image: Northland Power completes the construction of Gemini offshore wind farm in the Dutch North Sea. Photo: Courtesy of Phil_Bird/