Northland to Buy Majority Stake in North Sea Offshore Wind Farm
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Northland Power Inc., a Canadian power-generation company, agreed to acquire a majority stake in a C$3.8 billion ($3.7 billion) offshore wind energy project planned for the North Sea.
Northland will acquire a 55 percent interest in Gemini, a 600-megawatt offshore wind farm to be built about 85 kilometers (53 miles) off the coast of the Netherlands, the Toronto-based company said today in a statement. It will provide about C$400 million in mezzanine and equity financing and C$32 million in “credit support.”