Wednesday 26th February 2014


February 26, 2014

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Northland in £149m Gemini share issue

Northland Power has launched a C$275m (£149m) share issue to help fund its 600MW Gemini wind farm project in the Dutch part of the North Sea.

The Canadian developer holds a 60% stake in Gemini, which is 85 miles from the Dutch coast and set to complete in 2017. Northland is working with Dutch firm Typhoon Offshore.

Northland said its total investment in the €2.8bn (£2.3bn) scheme is set to be around C$550m (£298m), which would be satisfied by this share issue. Last month, Typhoon Offshore reported it has secured the €2bn (£1.7bn) senior debt it needs for the project.

The developers aim to conclude financing by the end of June.

Report: “Wind farms don’t harm health”

There is “no reliable evidence” that wind farms damage human health, the Australian Government’s National Health and Medical Research Council has reported.

The NHMRC started public consultation yesterday on a draft version of its research paper “Evidence on Wind Farms and Human Health”, which looks in detail at evidence in 161 scientific papers on the topic. The consultation is due to close on 11 April.

The report provides support to developers and investors battling against objections to wind projects. For example, it quoted one study that showed people reported more sleep disruption if they did not benefit economically from a wind farm.

General Electric buys into Irish wind

General Electric’s energy investment arm has bought into the Irish wind market for the first time by acquiring two schemes totalling 51MW from Element Power.

GE Energy Financial Services has bought, for an undisclosed sum, the 34MW Barranadaffock project near Ballyduff in County Waterford and the 17MW Acres project near Ballyshannon in County Donegal.

Element Power is overseeing construction of the wind farms and will manage them after completion. Both schemes are due to complete during the first half of 2015.

EverPower agrees 240MW Big Sky deal

EverPower Wind Holdings has agreed to buy the 240MW Big Sky wind farm in US state Illinois in a two-part deal involving Edison Mission Energy and Suzlon.

Indian firm Suzlon loaned $228m to Big Sky’s owner Edison Mission in 2009 to finance a deal for the turbines, but is unable to recover this from Edison Mission, which filed for bankruptcy in 2012. Suzlon would take control of Big Sky in lieu of its debt.

Suzlon would then sell on Big Sky to EverPower for an undisclosed sum. The three firms submitted a filing to the Federal Energy Regulatory Commission earlier this month with details of the deal, and want FERC to approve it by 5 March.

Sinovel cuts factory funding by $430m

Chinese wind turbine manufacturer Sinovel is seeking to save $430m by cancelling plans to build four new factories and reducing investment at three others.

The company reported to the Shanghai Stock Exchange on Monday that it is cancelling planned factories in China’s Hebei, Yunnan, Shanxi and Jiangsu provinces; and is cutting funding for a Beijing R&D plant, and expansion plans at factories in cities Yancheng and Jiuquan.

Sinovel reported last month that it expects to make a loss of $495m in 2013.

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