Van Oord sells 10% in 600-MW offshore wind farm

Dutch offshore contractor Van Oord has sold its 10% stake in the 600-MW Gemini offshore wind farm near the Dutch coast for an undisclosed sum.

The interest is now owned by a Luxembourg investment vehicle set up by German insurance groups Alte Leipziger Lebensversicherung AG and Hallesche Krankenversicherung AG. The other owners of the wind park are Canada-based power producer Northland Power, which holds a 60% stake, Siemens Financial Services with 20%, and NV HVC with 10%.

Van Oord’s exit from the project was announced on Thursday by wpd invest GmbH, which advised the buyer on the deal, only weeks after the two German insurers established their investment vehicle. Alte Leipziger and Hallesche provide a high three-digit million euro amount for investments in offshore wind.

The Gemini wind park in the Dutch North Sea uses 150 Siemens turbines that have been producing power since October 2016. The power plant's annual output is estimated to be enough to meet the needs of 1.5 million people in the Netherlands, and avoid 1.25 million tonnes of carbon dioxide (CO2) emissions. Full completion was achieved in April 2017.

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