Centrica and DONG Energy have agreed on common development of offshore wind farms in the Round 3 Irish Sea Zone, which has a potential capacity of 4.2 GW. DONG Energy will pay Centrica up to £40m in cash for a 50% stake in the Centrica Energy Renewable Investments, the special purpose vehicle established for operations in the Round 3 Irish Sea Zone. £15m will be paid at closing of the transaction, with the balance payable in later years contingent upon consent being achieved for a project in the Irish Sea Zone and DONG Energy reaching a final investment decision for a project in the Zone.
Centrica and DONG Energy are the leaders in offshore wind in the UK, with a total of about 1 GW of offshore wind capacity installed or under construction. Centrica and DONG Energy already hold joint interests in the Barrow and Lincs offshore wind farms.
For the first project under Centrica’s management, a final investment decision is expected in 2016.
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