Centrica sells three wind farms in £423m deal

Centrica has agreed to offload its interests in three wind farms in the UK. A consortium, which includes the Green Investment Bank (GIB) Offshore Wind Fund and funds managed by […]

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By Priyanka Shrestha

Centrica has agreed to offload its interests in three wind farms in the UK.

A consortium, which includes the Green Investment Bank (GIB) Offshore Wind Fund and funds managed by BlackRock, has bought the shares for £423 million.

The British Gas owner and its 50% joint venture partner EIG sold their shares in the 26MW Glens of Foudland onshore wind farm in Aberdeenshire and the 194MW Lynn and Inner Dowsing wind farms off the coast of North East Lincolnshire.

Centrica said its net share of the proceeds would be around £115 million after repayment of debt “and other costs”.

It will continue to buy 100% of the power from the three wind farms until 2024.

The energy giant added the sale “is in line with Centrica’s strategy to dispose of its interests in wind power generation while continuing to purchase wind power”.

GIB’s fund will own 61% of the stake while the BlackRock-managed funds will own the remaining 39% of the projects.

Earlier this week DONG Energy confirmed plans to build the world’s largest offshore wind farm in the UK.