A consortium of funds involving Edinburgh-based UK Green Investment Bank and US investment giant BlackRock have bought one wind farm in Aberdeenshire and two off the coast of Lincolnshire from Centrica and EIG Global Energy Partners for an enterprise value of £423 million.
Centrica said it and 50% joint venture partner EIG agreed the sale of the Glens of Foudland, Lynn and Inner Dowsing wind farms (GLID) to the consortium comprising the UK Green Investment Bank Offshore Wind Fund and funds managed by BlackRock.
Glens of Foudland (pictured) is a 26 megawatt onshore wind farm in Aberdeenshire and the 194 megawatt Lynn and Inner Dowsing offshore wind farms are located off the coast of North East Lincolnshire.
The UK Green Investment Bank Offshore Wind Fund said it will now own a 61% stake in the Lynn and Inner Dowsing offshore wind farms and BlackRock-managed funds will own 39%.
It said complete ownership of the Glens of Foudland onshore wind farm will be transferred to funds managed by BlackRock.
Centrica said it will continue to purchase 100% of the power and 50% of the Renewable Obligation Certificates from the three wind farms under existing power purchase agreements until 2024 and that it will continue to provide operations and maintenance support to March 2017.
Centrica said that after repayment of debt associated with GLID and other costs, its net share of proceeds will be £115 million.
The deal will mark the first time that operating offshore wind farms in the UK have been 100% owned by non-utility investors.
The UK Green Investment Bank Offshore Wind Fund, managed by UK Green Investment Bank Financial Services Ltd, is the largest private renewable energy fund in the UK with current capital commitments of £818 million.