Centrica sells 50% stake in Lincs wind farm

13th Jan 2017 11:12

(ShareCast News) - British Gas owner Centrica has agreed to sell its 50% stake in the Lincs offshore wind farm off the coast of Skegness to the UK Green Investment Bank for £487m.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. After repayment of associated debt and other costs, Centrica's net share of the proceeds will be around £220m.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.The sale completes Centrica's exit from the ownership of wind power generation assets, although the company will continue to be a major enabler of the development and operation of wind farms through entering into agreements to purchase renewable power.At 1136 GMT, the shares were up 0.4% to 227.80p.