Gemini is an excellent example of Amscap’s team effort in successfully managing the development and financing of a large offshore wind project. Involved as of the tender bidding phase, Michael van der Heijden led the team that financed Gemini and brought the largest ever offshore wind project to financial close in May 2014. Jan-Peter Elffers was instrumental in the development phase and the financial / technical interface, and other than senior debt was closely involved in the equity placement. Alexandra Nilsson structured the junior debt tranche and coordinating the placement thereof with institutional investors. Together with their wider team of advisors the Amscap team raised EUR 2.8 billion for this landmark project.
This significant achievement was further recognized by winning three financial awards: the Project Finance International 2014 Power Deal of the year, The Infrastructure Journal 2014 European Wind Deal of the year, and the Infrastructure Journal 2014 Overall Deal of the Year. Gemini proved that a EUR 2.8 billion offshore wind project can be financed within record timelines if the structuring and contracting meets all debt and equity requirements. Knowing how to develop and structure an offshore wind project based on project finance principles from day one is key in order to ensure that a bankable project results. Detailed information on this project can be found on:
The project is currently being constructed by Van Oord under a 2-party contracting structure, with Siemens supplying the turbines and Van Oord responsible for all offshore construction work. Once fully operational in 2017, the 600MW project will provide up to 785,000 Dutch homes with green electricity. The project is currently owned by Northland Power Plc. (60%), Siemens Financial Services (20%), Van Oord Marine Contractors B.V. (10%) and N.V. HVC (10%).