Toronto-based renewable energy firm Northland Power announced it has received a loan worth about $170 million from Export Development Canada (EDC) to fund 60 percent ownership stake in a massive offshore wind farm. The Gemini project located in the Dutch North Sea will generate 600 megawatts and is expected to be the second biggest wind farm in the world once it is completed in 2017. The loan from EDC is the largest loan from Canada's export credit agency given to the wind power industry.
"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," Northland CEO John Brace said in a statement.
According to Northland, Gemini will play an important role in helping the Government of Netherlands' achieve renewable energy targets mandated by the European Union's Renewable Energy Directive, which calls for all Member States to reach a 20 percent share of energy from renewable sources by 2020.
Northland has also obtained $240 million in project financing to build five solar projects in Ontario, adding to the company's more than $900 million in capital to fund renewable solar projects in the area to date. The five projects are anticipated to produce 50 MW combined.