|By Marketwired .||
|January 29, 2014 06:00 PM EST||
AMSTERDAM, THE NETHERLANDS -- (Marketwired) -- 01/29/14 -- Project Gemini is pleased to announce that it has received commitments for EUR 1,094 million in senior secured construction and term debt from 10 international commercial banks and Export Development Canada (EDC).
Project Gemini is a 600 MW offshore wind farm in the Dutch North Sea, developed by Typhoon Offshore B.V., that, subject to the approval of each sponsor's board, will be owned by Northland Power Inc. (60%), Siemens Financial Services (SFS - 20%), Van Oord Dredging and Marine Contractors BV (10%), and N.V. HVC, a joint venture of 48 Dutch municipalities and six water regulatory authorities (10%). In association with a EUR 500 million facility expected to be provided by the European Investment Bank and export credit cover under negotiation and subject to credit approval with three European export credit agencies (Denmark's EKF, Germany's Euler Hermes and Belgium's Delcredere-Ducroire), the EUR 1,094 million of commercial bank risk commitments completes the up to EUR 2,226 million of senior debt required by Project Gemini.
Project Gemini has executed mandate letters appointing eight banks as Mandated Lead Arrangers. These are Dutch bank ABN AMRO Bank N.V., France's BNP Paribas and Natixis, Japan's The Bank of Tokyo-Mitsubishi UFJ, Ltd and Sumitomo Mitsui Banking Corporation, and Canada's Export Development Canada, CIBC World Markets plc and Bank of Montreal. Spain's Banco Santander SA and CaixaBank SA have been appointed as Mandated Arrangers. Of the mandated banks, the Gemini project team appointed SMBC as Facility Agent and ECA Agent and ABN AMRO as Account Bank and LC Issuing Bank. BNP Paribas will act as Documentation Bank, BTMU as Technical bank, Natixis as Market Due Diligence Bank and Santander as Insurance Bank.
Late last year, the Gemini project team announced that the Danish pension group PKA and Northland Power, the lead equity sponsor in Gemini, will fund the EUR 200 million subordinated loan layer. With the subordinated debt and senior debt now lined up, the Gemini project team is now negotiating the final details of the transaction.
The financing will be, by far, the largest ever to be closed in the wind sector and Project Gemini is very pleased to be supported by such a strong bank group. The substantial underwriting commitments obtained underline the willingness of the banking market to provide non-recourse construction finance to the offshore wind sector for well-structured projects, and signal a new era where underwritings can be available for the industry.
The wind farm is expected to reach commercial operations in the summer of 2017.
Project Gemini is advised by Green Giraffe Energy Bankers (financial advisor), Clifford Chance LLP, Amsterdam (legal advisor), AON Risk Solutions (risk management and insurance), Loyens & Loeff (tax) and Chatham Financial (hedging). The lenders are advised by Mott MacDonald (technical), Allen & Overy (legal), Poyry Management Consulting (market), Benatar & Co Ltd (insurance), and Corality Financial Group (model audit). Additionally, the EIB is advised by Freshfields Bruckhaus Deringer LLP (legal), EKF and Delcredere-Ducroire are advised by Kromann Reumert (legal), and Euler Hermes supported by EY/AHB acting as independent Chartered Auditor for the Federal German Government).
Project Gemini is the 600 MW offshore wind farm to be located 55 kilometres north of the island of Schiermonnikoog in the Dutch North Sea. In 2009, the Dutch authorities ("Rijkswaterstaat") granted Wbr permits for the future offshore wind farms Buitengaats (300 MW) and ZeeEnergie (300 MW). Buitengaats and ZeeEnergie were each granted a subsidy (SDE) by the Dutch Government in May 2010 and are currently in the process of being brought to financial close. The total 600 MW of installed capacity will produce 2.6 TWh annually, enough electricity for over 785,000 households or 1,540,000 inhabitants per annum. This is almost equivalent to the number of people living in the 3 northern provinces of the Netherlands and is equivalent to a reduction in emissions of 1,250,000 tons of CO2 per year.
Northland intends to acquire 60% of the shares in Gemini, SFS intends to acquire 20%, Van Oord Dredging and Marine Contractors B.V. and N.V. HVC will each acquire 10%. The total sponsor equity capital required is close to EUR500 million of the total construction costs of EUR2.8 billion. The ultimate investment by the Sponsors is subject to approval by their respective Boards of Directors, and to reaching "financial close", i.e. completing the arrangements with the banks to finance the project.
HVC is a sustainable waste and energy company owned by and working for public authorities. HVC holds a 10% stake in Gemini. The energy produced benefits the shareholders, 48 municipalities and six regional water boards in 4 Dutch provinces; North Holland, South Holland, Flevoland and Friesland. HVC regards its investments in offshore wind farms as a logical public-interest investment in renewable energy. HVC's share in this operation is expected to generate sufficient energy to supply approximately 100,000 households with electricity and produce carbon dioxide savings of more than 125,000 tonnes a year.
About Northland Power
Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates facilities producing 'clean' (natural gas) and 'green' (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities. The company owns or has a net economic interest in 1,329 MW of operating generating capacity, with an additional 90 MW (60 MW net to Northland) of generating capacity currently in construction, and another 190 MW (119 MW net to Northland) of wind, solar and run-of-river hydro projects with awarded power contracts. In addition, Northland has acquired the rights to a majority equity stake in Gemini. Northland's cash flows are diversified over five geographically separate regions and regulatory jurisdictions in Canada, Europe and the United States.
Northland's common shares, Series 1 and Series 3 preferred shares and convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.C and NPI.DB.A, respectively.
About Siemens Financial Services
The Financial Services unit of Siemens (SFS) is an international provider of business-to-business financial solutions. SFS helps facilitate investments, providing commercial finance, project and structured finance with specific asset expertise in the energy, healthcare, industry, and infrastructure & cities markets. Employing more than 3,000 employees worldwide, SFS supports Siemens as well as other companies with their capital needs and acts as an expert manager of financial risks within the Siemens company. By leveraging its financing expertise and industrial know-how SFS creates value for its customers and helps them strengthen their competitiveness. Beyond that, financing is key in creating trust for technological solutions - and acts as a key enabler when it comes to the market launch. As of September 30, 2013, the total assets amounted to EUR18.7 billion.
About Van Oord
Van Oord marine ingenuity is a leading international EPC contractor which specializes in dredging, marine engineering and offshore (oil, gas and wind) construction. Van Oord will make an important contribution to the development and construction of the offshore wind park Gemini in its role as EPC (Engineering, Procurement and Construction) contractor. Van Oord has a successful track record in building offshore wind parks in north western Europe. With the construction of the Dutch Princess Amalia wind park, the Belwind Phase 1 offshore wind park in Belgium, and the Teesside Offshore wind park off the northeast coast of England, Van Oord has established a reputation as all round EPC contractor.
Van Oord invested in an innovative and advanced offshore wind farm installation vessel called Aeolus. The Aeolus is 139 m long, 38m wide and fitted with a crane capable of hoisting 900 tons at 30 meter radius. The vessel will be deployed at the Gemini project.
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 23, 2017 12:00 AM EDT Reads: 1,108
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Mar. 22, 2017 11:00 PM EDT Reads: 2,914
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Mar. 22, 2017 10:15 PM EDT Reads: 3,184
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Mar. 22, 2017 10:15 PM EDT Reads: 3,230
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
Mar. 22, 2017 10:15 PM EDT Reads: 1,693
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
Mar. 22, 2017 09:30 PM EDT Reads: 2,289
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
Mar. 22, 2017 06:15 PM EDT Reads: 3,924
VeriStor Systems has announced that CRN has named VeriStor to its 2017 Managed Service Provider (MSP) 500 list in the Elite 150 category. This annual list recognizes North American solution providers with cutting-edge approaches to delivering managed services. Their offerings help companies navigate the complex and ever-changing landscape of IT, improve operational efficiencies, and maximize their return on IT investments. In today’s fast-paced business environments, MSPs play an important role...
Mar. 22, 2017 05:45 PM EDT Reads: 1,789
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 22, 2017 04:30 PM EDT Reads: 799
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 22, 2017 03:45 PM EDT Reads: 1,145
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 22, 2017 03:30 PM EDT Reads: 786
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 22, 2017 03:15 PM EDT Reads: 533
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 22, 2017 02:45 PM EDT Reads: 2,218
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 22, 2017 02:15 PM EDT Reads: 2,162
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 22, 2017 02:00 PM EDT Reads: 1,366