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Centrica sells 50% stake in Lincs wind farm

Staff Writer |
Centrica has agreed to sell its 50% stake in the Lincs offshore wind farm off the coast of Skegness to the UK Green Investment Bank for £487m.

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Siemens Project Ventures will also sell its 25% share with the remaining joint venture partner, DONG Energy, continuing to hold a 25% share in the asset.

After repayment of associated debt and other costs, Centrica's net share of the proceeds will be around £220m.

The transaction is expected to complete in February 2017 and Centrica will continue to provide operations and maintenance support to Lincs for a 12-month transitional period from the date of completion of the sale.

The sale completes Centrica's exit from the ownership of wind power generation assets, although the company will continue to be a major enabler of the development and operation of wind farms through entering into agreements to purchase renewable power.

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