UK-based utility Centrica Plc. (CNA.L) Friday said the group and its 50% joint venture partner, EIG Global Energy Partners, have agreed to sell the Glens of Foudland, Lynn and Inner Dowsing wind farms, or 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 pounds.
Centrica is expected to receive net proceeds of 115 million pounds from the sale, after the repayment of debt associated with GLID and other costs.
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. Centrica will continue to provide operations and maintenance support to GLID up to March 2017.
Centrica noted that the sale is in line with its strategy to dispose of its interests in wind power generation, while continuing to purchase wind power.
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