Northland Power and RWE have secured financial closure for the €1.2 billion Nordsee One offshore wind project, which is set to produce over 1,200 gigawatt hours of renewable energy annually.

Information on the Target

The Nordsee One project, a significant offshore wind farm initiative, represents a total investment of €1.2 billion. It has achieved financial close as of March 19, 2015, indicating that all necessary equity and debt commitments have been secured. Northland Power Inc. holds an 85% ownership stake in the project, while RWE Innogy GmbH, based in Essen, Germany, owns the remaining 15%. This 332 MW wind farm is strategically located 40 kilometers off the German coast, highlighting its potential for generating sustainable energy.

Once operational, Nordsee One is projected to produce over 1,200 gigawatt hours of electricity annually, which is sufficient to power approximately 400,000 households in Germany. The project benefits financially from a feed-in tariff subsidy as per the German Renewable Energy Act, which aims to enhance the viability of renewable energy projects within the region.

Industry Overview in Germany

The offshore wind energy sector in Germany is a critical component of the country’s 'Energiewende' initiative, which strives for a substantial shift towards renewable energy sources. By 2030