|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.
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 30, 2016 09:30 PM EDT Reads: 1,520
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Jul. 30, 2016 07:30 PM EDT Reads: 1,759
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Jul. 30, 2016 07:30 PM EDT Reads: 1,315
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 30, 2016 07:00 PM EDT Reads: 2,771
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 30, 2016 05:00 PM EDT Reads: 1,303
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Jul. 30, 2016 04:30 PM EDT Reads: 580
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 30, 2016 04:30 PM EDT Reads: 1,122
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 30, 2016 04:30 PM EDT Reads: 2,275
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Jul. 30, 2016 04:15 PM EDT Reads: 638
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Jul. 30, 2016 02:30 PM EDT Reads: 1,070
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Jul. 30, 2016 02:00 PM EDT Reads: 538
SYS-CON Events announced today that 910Telecom 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. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 30, 2016 01:30 PM EDT Reads: 982
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 30, 2016 01:00 PM EDT Reads: 1,862
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 30, 2016 01:00 PM EDT Reads: 2,132
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 30, 2016 12:00 PM EDT Reads: 1,369