Integrated energy company Centrica Plc (CNA.L) Wednesday said it has agreed to sell 50% equity stake in its 270 megawatt Lincs offshore wind farm to Danish oil and gas company Dong Energy and Siemens Project Ventures, a unit of Siemens Financial Services, for GBP 50 million in cash. The transaction is expected to be completed in January 2010.
As part of the transaction, Centrica also announced that Lincs has entered into a turbine supply deal with Siemens Wind Power for 75 offshore wind turbines of class SWT-3.6-120. Centrica stated that the turbines, which represent an upgrade to class SWT-3.6-107 originally envisaged for Lincs, are estimated to generate more power through higher load factors enhancing project returns.
At closing of the deal, privately-held Dong Energy and Siemens Project Ventures will be reimbursing Centrica for 50% of development costs incurred to that date. Total investment in the project is anticipated to be nearly GBP 750 million, with Centrica's share being GBP 375 million.
Windsor, Berkshire-based Centrica intends to commence construction of Lincs wind farm in 2010, with first power estimated in the second half of 2012.
Under the terms of the agreement, through its wholly-owned subsidiary Centrica Renewable Energy Ltd., Centrica will continue to lead development, construction and operation of Lincs wind farm.
In addition to this, Centrica, through its subsidiary British Gas Trading Ltd., will also enter into a 15-year power purchase agreement to off-take 75% of electricity production and 50% of Renewable Obligation Certificates generated by Lincs wind farm.
Centrica stated that Lincs is its latest Round Two wind farm, which follows the construction and refinancing of Lynn and Inner Dowsing wind farms. Centrica expects two other Round Two wind farms, Race Bank and Docking Shoal, which are awaiting consent, to add a further 1.1 gigawatts to its renewable energy portfolio.
CNA is currently trading on the London Stock Exchange at 275.70 pence per share up 2.50 pence or 0.92% on a volume of 2.15 million shares. In the past 52-week period, the shares have been trading in a range of 212.50 pence to 288.75 pence.
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