The United Kingdom Green Investment Bank (GIB) has acquired a 75% stake in the 270 MW Lincs offshore wind park, located off the Lincolnshire Coast at Skegness (United Kingdom) and commissioned in 2013.
Centrica, the project developer, sold its 50% stake in the project to the UK Green Investment Bank Financial Services managed entities and the UK Green Investment Bank. Siemens Project Ventures will also sell its 25% share. The GIB will own 31% of the project and the GIB fund will hold 44%, with the remaining joint venture partner, DONG Energy, continuing to hold a 25% share in the asset and being in charge of its operation and maintenance.
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. It will complete Centrica’s exit from the ownership of wind power generation assets.
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