UK: Centrica Sells 50 Pct of Onshore Wind Farm, Retains Interests in Potential OWFs
Centrica plc has reached an agreement to sell its 50% interest in the 72MW Braes of Doune onshore wind farm in Stirlingshire, Scotland, for £59 million in cash. The stake has been acquired by the Hermes GPE Infrastructure Fund, which is managed by Hermes GPE LLP.
Centrica will continue to receive 100% of the wind farm’s output under a power purchase agreement (PPA).
The sale is in line with Centrica’s strategy to release capital from operational wind assets to enhance returns. Following completion of the transaction, Centrica will retain equity interests in four operational wind farms, and also retains interests in potential offshore wind farm projects at Race Bank and in the Round 3 Irish Sea Zone.
Press release, June 3, 2013; Image: silicon