Centrica sells wind farms stake in Glens of Foudland, Lynn and Inner Dowsing

 
Catherine Neilan
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The sale comes as Centrica offloads its interests in wind power generation (Source: Getty)

Centrica and EIG have agreed to sell their wind farms, for a total of £423m.

The wind farms, in the Glens of Foudland, Lynn and Inner Dowsing, have been offloaded to a consortium including the UK Green Investment Bank Offshore Wind Fund and other funds managed by BlackRock.

After paying off debt, Centrica will receive around £115m in net proceeds from the deal.

Glens of Foudland is an onshore wind farm in Aberdeenshire, while the Lynn and Inner Dowsing offshore wind farms are 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 per cent of the power and 50 per cent of the renewable obligation certificates (ROCs) from the three wind farms under existing power purchase agreements until 2024.

It will also provide operations and maintenance support up to March 2017.

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