Centrica and its partner EIG Global Energy Partners have agreed to sell the two wind parks that they jointly own in the United Kingdom to a consortium of the UK Green Investment Bank Offshore Wind Fund and funds managed by BlackRock, for £423m (€550m).
The transaction will concern the 194 MW Lynn and Inner Dowsing offshore wind parks off the coast of North East Lincolnshire and the 26 MW Glens of Foudland onshore wind park in Aberdeenshire. Centrica acquired the Glends of Foudland park in October 2004 and commissioned it in July 2005. The group started building the Lynn and Inner Dowsing offshore wind parks in 2006 and they were fully commissioned in March 2009. In October 2009, Centrica sold 50% in the projects to EIG.
The sale is in line with Centrica’s strategy to dispose of its interests in wind power generation, while continuing to purchase wind power. Centrica will continue to purchase 100% of the power and 50% of the Renewable Obligation Certificates (ROCs) from the three wind farms under existing power purchase agreements (PPAs) until 2024.
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