EDC Finances EUR 125 M of Second Largest Wind Farm Project in the World to Be
Built by Toronto's Northland Power
TORONTO, ONTARIO -- (Marketwired) -- 06/17/14 -- Export Development
Canada (EDC) today announced financing of EUR 125 M for Toronto-based
clean energy company Northland Power (Northland), the largest loan
EDC has ever provided in the wind power sector.
EDC is Canada's leading provider of financing, insurance and bonding
for Canadian companies of all sizes that do business outside of
Clean technology is an area of corporate priority at EDC, with a
dedicated team to focus on understanding the industry's needs and
delivering the right solutions to help Canadian cleantech companies
start up and grow their business internationally.
"Canadian companies like Northland have the potential to become world
leaders in the cleantech space, and these are the type of companies
that EDC wants to invest in to help them through every step of the
way," said Al Hamdani, Vice-President, Structured and Project
"When Northland grows, the potential of the entire Canadian cleantech
sector grows along with it, which is an important economic benefit,
but the environmental benefit of these technologies is an investment
that will pay meaningful global dividends for decades to come," added
The financing will be used by Northland to purchase a 60 per cent
ownership stake in Project Gemini, a 600 MW offshore wind farm in the
Dutch North Sea. Once completed in 2017, Project Gemini will be the
second largest wind farm in the world, and the largest in the North
In addition to EDC, ten international commercial banks were involved
in securing the total EUR 2.8 B term loan, including the Bank of
Montreal and CIBC. Project sponsors include Siemens, Van Oord
Dredging and Marine Contractors BV and NV HVC, each contributing EUR
400 million in equity.
"We are very pleased with the extraordinary effort put forth by the
project's financiers, as financial close was achieved in record time
for a project of this nature," said Northland CEO John Brace. "As the
largest project financing in the offshore wind sector, this
transaction validates the high quality of the project and illustrates
Northland's evolution from a leading Canadian power producer to an
international company taking on world-class projects."
Once constructed, Project Gemini will provide enough clean energy to
supply the needs of 1.5 million people annually while reducing
1,250,000 tons of CO2 emissions per year.
Project Gemini is owned by a consortium of Northland Power (60 per
cent), Siemens Financial Services (20 per cent), Van Oord Dredging
and Marine Contractors BV (10 per cent) and N.V. HVC (10 per cent).
In 2012, Canadian cleantech revenues were CAD 9.1 billion and are
expected to reach CAD 60 billion in the next 10 years. Most of these
companies derive more than half their sales from exports. As a
result, EDC has made the cleantech industry a corporate priority. In
2012, EDC supported 33 cleantech transactions with a dedicated team
to focus on understanding the industry's needs.
EDC is Canada's export credit agency, providing financing and
insurance solutions locally and around the world to help Canadian
companies of any size respond to international business
opportunities. As a profitable Crown corporation that operates on
commercial principles, EDC works together with private- and public-sector financial institutions to create greater capacity for Canadian
companies to engage in trade and investment.
For more information about how EDC can help your company, visit
Export Development Canada
email@example.com (preferred and quickest response)
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