The British Gas owner has agreed to sell its 50 per cent stake in the Lincs offshore wind farm for £487 million. Siemens will also sell its 25 per cent stake in the wind farm, although Dong Energy will retain its 25 per cent share.
The Green Investment Bank Wind Fund will purchase a 44 per cent stake for £429m, bringing the total value of the assets it manages to £1.12 billion. The other 31 per cent will be sold to the Green Investment Bank itself for £302 million. Centrica’s net proceeds from the sale will be roughly £220 million.
Centrica will continue to provide operations and maintenance support over a 12-month transition period following the completion of the sale, after which Dong Energy will take over operations and maintenance support.
The company said although it will no longer own wind generation assets it will continue to be “a major enabler of the development and operation of wind farms” by entering into power purchase agreements.
The Lincs offshore wind farm consists of 75 turbines with a total capacity of 270MW. It is located close to Skegness, around five miles off the coast of Lincolnshire, and opened in August 2013.
Earlier this week former energy minister Greg Barker urged the government to halt the likely sale of the Green Investment Bank to Australian bank Macquarie to prevent “asset stripping”.