The 600MW project features 150 turbines that are operational since October 2016.
Situated 85km from the coast of Groningen, the project will provide renewable energy to around 1.5 million people in the Netherlands, enabling to curb the country's CO2 emissions by 1.25 million tons per year
Northland Power owns the wind farm with a 60% stake. Siemens Financial Services holds a 20% interest.
Van Oord Dredging and Marine Contractors and N.V. HVC each own 10% stake in the project.
According to the company, the offshore wind project had generated around €250m of net pre-completion revenues, to date.
Gemini has also restructured the project's €2bn senior debt, concurrent with achieving full completion and term conversion of the loan.
Northland Power CEO John Brace said: "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."
Northland also owns 85% equity interest in 332MW Nordsee One offshore wind project, which is also situated in the North Sea.
In addition, the firm recently acquired 252MW DeBu offshore wind project, which is in advanced development in the North Sea.
Image: Northland Power has completed 600MW Gemini offshore wind project in North Sea. Photo: courtesy of xedos4 / FreeDigitalPhotos.net.
