Centrica and its joint venture partner EIG Global Energy Partners will sell three UK wind farms — Glens of Foudland, Lynn and Inner Dowsing — to a consortium comprising the UK Green Investment Bank and BlackRock. The sale is worth 423 million pounds ($611.7 million). After repayment of debt, Centrica’s net share of the proceeds will be about 115 million pounds.
Centrica and its 50% joint venture partner EIG Global Energy Partners (‘EIG’) have agreed a joint sale of the Glens of Foudland, Lynn and Inner Dowsing wind farms (‘GLID’) to a consortium comprising the UK Green Investment Bank Offshore Wind Fund and funds managed by BlackRock. for an Enterprise Value of £423 million. After repayment of debt associated with GLID and other costs, Centrica’s net share of the proceeds will be approximately £115 million.
Glens of Foudland is an onshore wind farm (26MW) located in Aberdeenshire and the Lynn and Inner Dowsing offshore wind farms (194MW) are located off the coast of North East Lincolnshire.
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.
Centrica will continue to provide operations and maintenance support to GLID up to March 2017.