Offshore Wind Farm Q7 will be built some 23km off the Dutch coast from IJmuiden, in Block Q7 of the Dutch continental shelf. The 60 wind turbines, each with a capacity of 2MW, will be placed in depths ranging from 19m to 24m. Q7 is located furthest offshore and placed in the deepest water.

'Now with the finance in place, we will start with the foundations immediately after the summer, said Van Oord director Peter de Ridder. 'Then we will equip the electrical substation and have the turbines installed next year.'

The wind farm, which is expected to be operational by the beginning of 2008, will generate over 400GW hours per year, enough to power 125,000 homes.

It will reduce CO2 emissions by 225,000 tons each year.

The development of this offshore wind farm brings together expertise in the areas of project development, marine construction, wind technology, renewable energy production and finance.

Dirk Berkhout, a board member at Econcern, which specialises in delivering expert services, products and projects in all areas of sustainable energy and energy efficiency, said, 'The fact that this project has entered the construction phase reflects the resolution and entrepreneurship of many parties.

The development of this wind farm has cost a great deal of time and money. Determination and perseverance were equally essential. The construction of the wind farm is of great importance to Dutch Government policy on knowledge generation and innovation. The opportunities the project offers to the maritime industry should be acknowledged and made good use of.'

Jeppe Machielsen, CFO of Dutch energy company ENECO Energie, added, 'The wind farm represents an important milestone in the development of offshore wind energy worldwide. It is the first offshore wind farm to be based on non-recourse project financing.

The banks have great confidence in this project and are willing to arrange much of the financing, without additional guarantees.

We are proud to have been the first to undertake such an innovative project.'

MJInformation No: 22204