Centrica plc (CNA.L) said it has agreed the sale of a 50% equity stake in its 270 megawatt Lincs offshore wind farm to DONG Energy and Siemens Project Ventures for a cash consideration of £50 million. As part of this transaction, Centrica also announced that Lincs has entered into a turbine supply agreement with Siemens Wind Power for 75 offshore wind turbines of class SWT-3.6-120.
Total investment in the project is expected to be approximately £750 million, with Centrica's share being £375 million. Construction of the Lincs wind farm is planned to commence in 2010 with first power expected in the second half of 2012. At closing of the transaction DONG Energy and Siemens Project Ventures will reimburse Centrica for 50% of the development costs incurred to that date.
Completion of the transaction is expected in January 2010.
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