Northland Power Inc. completed its 332-MW Nordsee One German offshore wind facility "on schedule and under its total budget of €1.2 billion," according to a Dec. 21 release.
The Nordsee One project started earning precompletion revenues after all of the turbines were installed and came online in September. The start of the project's operational phase means terms required to satisfy the project lenders for term conversion have been achieved, the company said.
Nordsee One has also restructured the project's €840 million senior debt, with operating distributions to be paid semiannually, beginning July 2018.
"The successful completion of our second offshore wind farm demonstrates Northland's ability to deliver large-scale sustainable energy infrastructure that creates long-term value for shareholders and off-takers alike," Northland CEO John Brace said.
Northland owns an 85% interest in the facility, while innogy SE owns 15%, according to the news release.
