Typhoon's Gemini project would add significant capacity to the Netherlands' offshore wind sector, which includes the Princes Amalia project (pictured)
News emerged last week that the European Investment Bank (EIB) is considering a €500m loan to help finance the €2.6bn project, which has been redesigned and will now be powered by Siemens 4MW turbines – in an upgrade of the turbine manufacturer’s highly-successful 3.6MW machine.
The EIB has conducted detailed assessments of the project's financial and technical plans and while there are several stages still to complete, Typhoon expects EIB to make a decision late this year or early 2013. The company is also in talks with various export credit agencies.
It hopes to source 70% of project funding from commercial bank loans and 30% from a mix of equity and subordinated debt.
Typhoon bought the fully consented project, then known as Bard-Nederland, from troubled last year, in association with Dutch utility HVC, which holds a 15% share.
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