After puzzling with marine constructions, wind technology, legal requirements and financing, on July 10th 2006, the project owners Econcern, Energy Investments Holding and ENECO Energie signed a financing agreement with Rabobank and Dexia. The construction contract has been awarded to marine contractor Van Oord. Delta Lloyd is providing insurance.

Q7-WP is an initiative of project developer E-Connection, who secured the permits to construct and operate the wind farm. E-Connection secured both Dutch tax facilities for the investors and the so-called MEP subsidy for the future project operator. In the summer of 2004 it was agreed that the rights of the wind farm would be transferred to Econcern - EIH. From that time on the whole project was re-engineerd and all contracts were re-negotiated. Construction of the onshore cables was started in 2005 and the offshore works have started late 2006, leading to expected commissioning early 2008. E-Connection will remain involved in Q7-WP through the development of sustainable aquaculture, in which they will investigate whether offshore wind farms provide a good environment to cultivate seed mussels.

Offshore Wind Farm Q7 is being built about 23 kilometres off the coast at IJmuiden, in block Q7 of the Dutch Continental Shelf. Sixty wind turbines, with a capacity of 2 Megawatts each, will be placed at a depth of 19 - 24 metres. Of all wind farms realised to date, Q7 is located farthest off the coast and installed in deepest water. "Now the finance is in place, we will start with the foundations immediately after the summer. Then we will equip the electrical sub-station and have the turbines installed next year," said Peter de Ridder, Director of Van Oord.

The wind farm, which is expected to be operational by the beginning of 2008, will generate over 400 Gigawatt hours annually, enough to power 125,000 households. It will reduce CO2 emissions by 225,000 tonnes each year.

Dirk Berkhout (Member of the Board of Econcern): "The fact that the 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 ENECO Energie): "This 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 finance. 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."