19 December 2014
Centrica sells 50% interest in Barrow Offshore Wind Farm.
Centrica plc has sold its 50% non-operated interest in the 90MW Barrow Offshore Wind Farm, located in the East Irish Sea. The stake has been acquired by the operator, DONG Energy, which owns the remaining 50% of the asset. As part of the transaction, the power purchase agreement (PPA) currently in place between Centrica and the Barrow Offshore Wind Farm will be terminated. The total consideration is £50 million in cash.
The sale is in line with Centrica’s strategy to release capital from its UK operational wind portfolio for value.
Centrica retains interests in three operational wind farms and continues to purchase a substantial amount of renewable and lower carbon power for its customers.
In 2013, the power generated globally through our investments in nuclear and renewable energy helped avoid more than 8m tonnes of CO2 equivalent. In addition, the products Centrica has installed in UK homes since 2010 have cut over 9.8m tonnes of CO2 equivalent.
Centrica Investor Relations: 01753 494900
Centrica Energy Media Relations: 07557 619385
Notes to Editors:
- Centrica initially acquired a 25% stake in the Barrow Offshore Wind Farm in 2003 with partners DONG Energy (37.5%) and Statkraft (37.5%). Centrica then acquired a further 25% stake in 2004, forming a 50:50 joint venture partnership with DONG Energy.
- Centrica’s remaining equity interests in UK operational wind farms following the transaction are detailed below:
|Total installed capacity (MW)||Centrica equity interest||Centrica equity capacity (MW)|
|Glens of Foudland||Onshore||26||50%||13|
|Lynn and Inner Dowsing||Offshore||194||50%||97|