EAPB member BNG Bank finances renewable energy

09 January 2018

Located 85 kilometres off the coast of Groningen, in the North Sea, the Gemini offshore wind park is one of the world’s largest wind farms, both in terms of sheer size as well as energy production.

Gemini produces 2.6 TWh of sustainable energy every year, reducing the Netherlands’ CO emissions by 1.25 million tons. Over the next fifteen years Gemini will meet the energy needs of 1.5 million consumers. This is equivalent to the combined energy needs of all the citizens of the Netherlands’ three Northern provinces. The reduction in CO emissions is comparable to the emissions of 50,000 cars that each drive 25,000 kilometres a year. Furthermore, Gemini will create between 75 and 100 permanent jobs.

Gemini covers an area of 68 square kilometres, and is comprised of 150 wind turbines with a capacity of 4.0MW each, as well as two offshore high-voltage substations. Each substation is connected to the land station in Eemshaven by a 110-kilometre export cable. There, the electricity is converted to 380Kv and conveyed to the TenneT power station. An app to continuously track Gemini’s offshore wind speed, the amount of energy produced, and the total CO
reduction was introduced and is available for free download.

Gemini marks a turning point in the way we think about wind energy. The project’s magnitude has contributed to a rapid transformation of the sector. Today, the construction of offshore wind parks is more efficient and cost-effective than ever, and as a result there has been a significant reduction in the price of this potent renewable energy source.

A total of €2.8 billion was allocated for the implementation of the project, approximately 70% of the funding was provided from twelve international creditors, including EAPB member BNG Bank and the European Investment Bank.

Learn more about the project here: http://www.geminiwindpark.nl/news_opening.html

You can access BNG Bank here: https://www.bngbank.com/