• Gemini was brought to a financial close in May 2014 by a consortium of four sponsors and 16 creditors;• The participation of Siemens Financial Services (20%), alongside Northland Power (60%), van Oord Dredging and Marine Contractors (10%) and Dutch Utility HVC (10%), brought credibility to the project;• Senior debt provided by 12 commercial banks proved lenders’ appetite to finance offshore construction risk. The transaction simultaneously involved multilaterals like the European Investment Bank (EIB), Export Credit Agencies (ECA) facilities provided by Eksport Kredit Fonden (EKF), Euler Hermes, and Delcredere Ducroire, and mezzanine finance provided NPI and PKA;• Gemini brought Canadian actors in the Europeanoffshore market. Structure wise, its two-contract model appeared to be welcomed by investors, raising the question of whether this will be a trend- setting project.
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