BNG Bank financing one of the world's biggest wind farms

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  • Energy and infrastructure
Gemini is among the biggest wind farms in the world. BNG Bank is one of twelve commercial lenders. The farm will supply more than 1.5 million people with sustainable electricity.

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The Gemini offshore wind farm is being built in the Dutch section of the North Sea, 85 km north of the coast of Groningen. Gemini is being built at two separate locations quite close to each other. Hence the name - Gemini means 'the twins'. Both locations boast strong, constant winds and are invisible from land.

Gemini will supply green power to more than 785,000 households (1.5 million people, equivalent to the inhabitants of the three northern Dutch provinces). The wind farm is set to reduce CO2 emissions by 1.25 million tonnes, thereby contributing to creating an independent energy supply for the Netherlands and Europe.

 

With a capacity of 600 MW Gemini will produce 2.6 TWh of electricity, making it one of the world’s most productive wind farms. Its high production capacity is driven by its favourable location and relatively small wind turbines. Gemini’s location experiences the highest wind speeds in the Dutch part of the North Sea. The average wind speed there is force 5.

Gemini wind farm

Largest project financing for an offshore wind farm

The EUR 2.8 billion in project financing is the largest sum provided to date for an offshore wind farm. Around 70% of the required sum was issued in the form of project financing by twelve international commercial lenders, the European Investment Bank, and three export credit companies. The Ministry of Economic Affairs has pledged a maximum sustainable energy subsidy for operating the wind farm of EUR 4.5 billion over a 15-year period (from the time the wind farm starts supplying energy).

Energy agreement

Gemini plays a key role in achieving the target set under the European Renewable Energy Directive, which calls for the EU Member States to derive 20% of their energy consumption from renewable sources by 2020. Financing the Gemini offshore wind farm is consistent with BNG Bank’s mission.

For a sustainable world

BNG Bank is a committed partner for a more sustainable society. We enable the Dutch public sector to achieve socially relevant objectives. Our clients are (local) authorities and institutions for housing, healthcare, education, energy and infrastructure in the Netherlands.

Trefwoorden: Tags: Sustainability
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