Van Oord buys stake in Gemini offshore project

NETHERLANDS: Marine contractor Van Oord has bought a 10% stake in the 600MW Gemini offshore wind farm.

The project, located 85 miles off the Dutch coast, is being developed by Typhoon Offshore, and last week, it was announced that Toronto-based Northland Power Income Fund had bought a majority stake in the wind farm.

Other shareholders are Siemens Project Ventures (20%), HVC (10%), and Typhoon Offshore (5%).

As well as its shareholding, Van Oord will complete a EUR 1.3 billion engineering, procurement construction contract on the Gemini project to provide foundations, electrical infrastructure, cabling and installation of the 150 4MW Siemens turbines. Total construction costs are expected to hit EUR 2.8 billion.

Van Oord said construction on the Gemini project will start in early 2015, with the wind farm scheduled to come online in 2017.

Van Oord CEO Pieter Van Oord said: "The team of shareholders are highly qualified and form a solid consortium that will advance the development of sustainable energy in the Netherlands."

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