Centrica, the parent company of British Gas, announced that its 270MW Lincs offshore wind project has received final investment approval.
Lincs will be situated 8km off the coast of Skegness next to Centrica’s existing wind farm developments at Lynn and Inner Dowsing.
The farm will comprise of 75 3.6MW Siemens turbines.
Investment in the project is expected to total approximately £725m and the wind farm should start generating power towards the end of 2012, the company said in a statement.
When Lincs is completed, Centrica said it will have equity interests in operating renewable energy projects with an installed capacity of 650MW.
Centrica also announced that it has agreed the sale of a 50% equity stake in its Lynn, Inner Dowsing and Glens of Foudland wind farms to the US-based investment management company TCW for £84m.
Construction at Lincs is expected to begin in 2010.