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 betweenCentrica, 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 email@example.com; Twitter: @Raztweet
(END) Dow Jones Newswires
January 13, 2017 06:48 ET (11:48 GMT)
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