Danish pension fund PKA is providing EUR 120 million to the wind development located 85 kilometres north of the Dutch coast, with the remaining EUR 80 million coming from Canadian power company Northland Power, The subordinated loans also includes a 55% equity investment.
It is the first time a pension fund has financed an offshore wind project in the Netherlands ahead of construction.
In August, Northland Power, Siemens Project Ventures, Dutch offshore contractor Van Oord, Dutch utility HVC and Typhoon Offshore announced they would participate in Gemini as equity sponsors.
The project's total cost is expected to be $3.8 billion and will be financed with a combination of non-recourse project debt, mezzanine financing and equity from the consortium.
Typhoon purchased the project from troubled German offshore developer and manufacturer Bard in 2011. Offshore construction is due to start in July 2014, with the aim of bringing the project online by end-2016.
