Gemini

Northland Power joined the Gemini consortium in April 2013 and brought the project to financial close in May 2014. Formation structure: Northland Power 60%, Siemens Project Ventures 20%, HVC 10%, Van Oord 10%. Total project cost EUR 2.8bn, financed via EUR 2bn senior debt, EUR 600m equity and EUR 200m subordinated debt — at the time the world's largest project-financed offshore wind deal. Construction commenced early 2015; full commissioning April 2017.

Van Oord sold its founding 10% equity stake in Gemini to German insurance group Alte Leipziger-Hallesche (held via a Luxembourg investment vehicle for Alte Leipziger Lebensversicherung AG and Hallesche Krankenversicherung AG). Announced 26 April 2018. Van Oord reported a net profit of EUR 38m on the disposal (no gross deal value disclosed). Post-transaction structure: Northland Power 60%, Siemens Project Ventures 20%, HVC 10%, Alte Leipziger-Hallesche 10%. Van Oord's 2018 annual report states cash in of EUR 82m on the sale, and separately a net book profit of EUR 38m - the figure previously carried here, which is a gain and never was a price.