Sale of stake in en­ergy project

The Press and Journal (North-East) - - Business -

Cen­trica has struck a deal to sell its 50% stake in the Lincs off­shore wind­farm for £487mil­lion.

The gov­ern­ment-cre­ated UK Green In­vest­ment Bank (GIB) is the buyer.

Cen­trica, which an­nounced around 90 po­si­tions would go across its Euro­pean op­er­a­tions ear­lier this week, said the deal will be com­pleted next month.

The deal marks an exit from the wind en­ergy sec­tor for Cen­trica.

Once it has cleared out­stand­ing debts as­so­ci­ated with the wind­farm, Cen­trica ex­pects to se­cure pro­ceeds of about £220mil­lion, it said.

The 270 megawatt wind­farm is about 13 miles off the coast of Skeg­ness. It opened in Au­gust 2013 af­ter Cen­trica spent around three years de­vel­op­ing it.

Siemens is also sell­ing its 25% share to GIB while Dong En­ergy will re­tain its 25% stake.

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