Centrica To Sell Its Remaining Wind Farm Joint Venture
WINDSOR (dpa-AFX) - Centrica Plc. (CNA.L) said that it has agreed to sell its 50% interest in the Lincs wind farm to the UK Green Investment Bank Financial Services managed entities and the UK Green Investment Bank plc.
Siemens Project Ventures will also sell its 25% share with the remaining joint venture partner, DONG Energy, continuing to hold a 25% share in the asset. The transaction puts 50% of the enterprise value of Lincs at £487 million and after repayment of associated debt and other costs, Centrica's net share of the proceeds will be approximately £220 million.
The transaction is expected to complete in February 2017 and Centrica will continue to provide operations and maintenance support to Lincs for a 12 month transitional period from the date of completion of the sale.
Copyright RTT News/dpa-AFX
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