Northland Power's Nordsee One project finally completed

Nordsee One is a huge project just like Niagara Falls in the picture above.It was planned in 2015 and work started in late 2016 and  it has finished in December 2017.It has been constructed in the North Sea which has the strongest winds in the world.It has 335MW of generating power and will produce 1300 gigawatts-hours of electricity. Acquiring Nordsee One and it's completion entitle Northland for the rights to own Nordsee 2 and 3.Project completion means that conditions have been met that will ensure the reduction of financing costs.

Nordsee One Inc.

In 2009 Northland set up a company called Nordsee One Inc.This limits their liability and reduces stress on Northland Power.The project was budgeted to cost EUR 1.2 billion and it is on budget and on time.70% or EUR 840 was financed by senior debt and this appears to have been converted to cheaper convertible debentures..The remainder or EUR 360 million was financed upfront by NPI and it's partner Innogy SE.This blog feels that there will be no more charges against NPI from Nordsee One as any interest charges will be covered by dividends from Nordsee One Inc.So it will be a self-sustaining corporation.And cash flow will move from Nordsee One into NPI.This will increase adjusted EBITDA and may force Northland Power to raise 2017 and 2018 guidance.   

                                              Other Nordsee projects
         When Northland Power bought Nordsee One from Innogy SE it also acquired the rights to build Nordsee 2 (384MW) and 3(400MW).According to the blog called 4-C Offshore, Northland and Innogy SE have acquired the right to build Nordsee 2 and 3.But they will not likely  even start to build until 2019.In the meantime Northland also acquired a partially-built wind farm called Deutsch Best which will have 252MW of power upon completion.Present schedules show that it will not be built much before the end of 2018.This means that by 2019 Northland Power will be a major player in the North Sea which generates more wind than any other source.                       getr updated news on NPI's Nordsee One  ; get updated news on NPI's north sea projects