Centrica will sell off a 50% equity stake in its 270MW offshore wind farm in Lincolnshire, England, to DONG Energy and Siemens Project Ventures for in a deal worth $71.3m.
The contract also includes a turbine supply agreement between Centrica and Siemens Wind Power for 75 offshore wind turbines of class SWT-3.6-120 that will generate more power through higher load factors.
Centrica has invested about $535min the total $1.07bn project that will begin construction in 2010 and start operation from the second half of 2012.
The firm will continue to develop, construct and operate the new wind farm through its subsidiary, Centrica Renewable Energy.
British Gas Trading, another Centrica subsidiary, will enter into a 15-year power purchase agreement to off-take 75% of the electricity production and 50% of the renewable obligation certificates (ROCs) generated by the farm.
The wind farm will attract 2.0 ROCs for every megawatt hour of electricity produced under current UK Government proposals.
The transaction will be completed by January 2010.