5th Feb 2016 07:28
LONDON (Alliance News) - Centrica PLC Friday said it has agreed to sell its interests in three UK wind farms to a consortium that will generate USD115.0 million in net proceeds for the company.
The UK energy and storage company, also the owner of British Gas, said it has agreed with its 50/50 joint venture partner to sell the Glens of Foudland, Lynn and Inner Dowsing wind farms to a consortium comprised of the UK Green Investment Bank Offshore Wind Fund and funds managed by BlackRock.
Those wind farms were being operated under a joint venture between Centrica and EIG Global Energy Partners, and the pair will be selling the assets for a total of GBP423.0 million. After taking into account the debt secured against the assets that needs to be repaid by Centrica, the company will receive around GBP115.0 million in net proceeds.
Glens of Foudland is an onshore wind farm located in Aberdeenshire in Scotland, and the Lynn and Inner Dowsing offshore wind farms are located off the coast of North East Lincolnshire in England.
By Joshua Warner; [email protected]; @JoshAlliance
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