Siemens has bagged an order worth €700 million for the supply and installation of 288 MW of offshore wind turbines off Germany’s North Sea coast.
The agreement covers a long-term maintenance contract for 10 years. The order was placed by wpd group, Germany.
The turbines, each of 3.6 MW, will be erected over a surface area of 42 sq km in waters about 20 metres deep.
Siemens Financial Services, Marguerite Fund, Industriens Pension, PKA A/S (22.5 per cent each) and wpd AG (10 per cent) will contribute the equity portion of the €3.1-billion project.
All partners have aligned their resources to secure project finance of 67 per cent senior debt and 33 per cent equity basis, with a consortium of up to nine banks involving multilateral institutions such as the European Investment Bank and KfW (the German development bank), Siemens said.
“By 2020, we estimate that the combined installed electrical generating capacity of wind power installations worldwide will reach 500 gigawatts,” said Felix Ferlemann, CEO, Siemens Energy’s Wind Power Division.
Siemens said it is also bringing a comprehensive service package to the off-shore project, tailored to ensure maximum long-term exploitation of the wind farm’s potential.