United Kingdom

United Kingdom

Centrica sells UK assets as wind pull-out nears completion

UK: Utility Centrica and its partner has sold its 194MW Lynn & Inner Dowsing offshore wind project and the 26MW Glens of Foudland onshore site to a consortium lead by the Green Investment Bank.

GIB has acquired a 61% stake in Lynn and Inner Dowsing
GIB has acquired a 61% stake in Lynn and Inner Dowsing

Centrica announced in July 2015 it would sell off its wind assets following a strategic review of the business. In July 2014, the firm said it was halting all investment in offshore wind.

The consortium comprising the government-backed Green Investment Bank and funds managed by investor BlackRock acquired the two projects for £423 million.

Centrica was part of the "GLID" 50-50 joint venture with EIG Global Energy partners that owned both projects.

Following the repayment of debts associated to the wind sites, its net proceeds from the sale will be around £115 million, said Centrica.

Once the deal is completed — expected in March 2016 — Lynn and Inner Dowsing will become the UK's first offshore project to be fully owned by non-utility investors, GIB said.

GIB will acquire a 61% stake in the offshore project, with BlackRock's funds owning the remaining 39%. The stake in the Glens of Foudland onshore project will be completely transferred to the BlackRock managed funds.

It still owns a 50% stake in the 270MW Lincs offshore project with Dong Energy and Siemens. A spokeswoman for the company said discussions were still ongoing with potential investors to acquire Centrica's last remaining wind asset.

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