Centrica wind boost
BRITISH GAS owner Centrica is pushing ahead with a £725million North Sea wind farm and is off-loading half its stake in three other farms for £84million.
The 75-turbine Lincs farm, off the east coast near Skegness, will begin generating power in late 2012.
Centrica will sell 50 per cent of its existing Lynn and Inner Dowsing farms in the North Sea and the Glens of Foudland onshore farm near Huntly in Aberdeenshire, to the US-based investment firm TCW, part of French investment bank Société Générale.
It has struck deals with banks to refinance the farms to the tune of £340million.
Centrica revealed last year that it was reviewing its wind-farm plans, sparking fears that it might ditch Lincs and two other proposed schemes due to soaring costs and the credit crunch.
However, chief executive Sam Laidlaw said that improved government funding for offshore wind schemes had persuaded it to go ahead with Lincs.
“Our decision to build Lincs illustrates our continued commitment to develop renewable generation,” he said.