TIDMCNA
13 January 2017
Centrica plc
('Centrica' or 'the Company')
Centrica announces sale of its remaining wind farm joint
venture
Centrica has agreed to sell its 50% interest in the Lincs wind
farm ("Lincs") to the UK Green Investment Bank Financial Services
managed entities and the UK Green Investment Bank plc. 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. The transaction puts 50% of the enterprise value of
Lincs at GBP487 million and after repayment of associated debt and
other costs, Centrica's net share of the proceeds will be
approximately GBP220 million.
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 Group will continue to be a
major enabler of the development and operation of wind farms
through entering into agreements to purchase renewable power.
ENDS
Enquiries:
Centrica Investor Relations: +44 (0)1753 494900Centrica Media
Relations: Tim Cowen +44 (0)7720 412143
Notes to Editors:
1. Lincs is a 270MW offshore wind farm located off the coast of
North East Lincolnshire. It is owned by Lincs Wind Farm Limited, a
joint venture between Centrica (50%), DONG Energy (25%) and Siemens
Project Ventures (25%).
2. Construction of the wind farm, located 5 miles off the coast
of Skegness, started in 2010. The wind farm was officially opened
on 1 August 2013.
About Centrica
-- Centrica is an international energy and services company. Everything
we do is focused on satisfying the changing needs of our
customers.
-- We supply energy and energy-related services to around 28 million
customer accounts in the UK, Ireland and North America, through
strong
brands such as British Gas, Direct Energy and Bord Gáis
Energy
supported by around 12,000 engineers and technicians.
-- We are also developing new and innovative products and services for
customers globally. Our Connected Home business has developed
products
such as the Hive smart thermostat and through our Distributed
Energy &
Power business we offer integrated energy solutions for
commercial and
industrial customers, including flexible generation, energy
management
systems, and battery storage.
-- We also have an Energy Marketing & Trading business which manages
commodity risk and provides wholesale market access for the
Group, as
well as offering route to market services for third parties
and
undertaking optimisation and trading activity.
-- Centrica continues to be active in gas and oil Exploration &
Production, focusing on the UK, Netherlands and Norway and
targeting
production of between 40-50mmboe per annum. In Central Power
Generation, we own five gas-fired power stations in the UK and a
20%
interest in EDF Energy's UK nuclear fleet.
-- We also own the UK's largest gas storage facility, Rough.
Centrica plc is listed on the London Stock Exchange
(CNA)Registered Office: Millstream, Maidenhead Road, Windsor,
Berkshire SL4 5GD
Registered in England & Wales number: 3033654Legal Entity
Identifier number: E26EDV109X6EEPBKVH76ISIN number:
GB00B033F229
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170113005168/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
January 13, 2017 06:00 ET (11:00 GMT)
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