Centrica to Get GBP220 Million for Lincs Offshore Wind Farm Stake
January 13 2017 - 7:03AM
Dow Jones News
LONDON--Centrica PLC (CPYYY) said Friday it would receive 220
million pounds ($269 million) for the sale of its 50% stake in the
Lincs offshore wind farm, off the coast of North East Lincolnshire,
England.
The energy and services company is selling its stake to the U.K.
Green Investment Bank Financial Services managed entities and the
U.K. Green Investment Bank PLC for an enterprise value of GBP487
million. After repayment of associated debt and other costs,
Centrica's net share of the proceeds will be GBP220 million, the
company said.
Lincs is owned by Lincs Wind Farm Ltd., a joint venture between
Centrica, DONG Energy and Siemens Project Ventures. The latter two
companies each hold a 25% stake.
Centrica said Siemens Project Ventures would also sell its
share, while DONG Energy is expected to hold on to its
investment.
The transaction is expected to complete in February. Centrica
will continue to provide operations and maintenance support to
Lincs for 12 months after the sale ends.
Shares at 1115 GMT were up 1 pence, or 0.3%, at 228 pence,
valuing the company at GBP12.49 billion.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
January 13, 2017 06:48 ET (11:48 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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