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United Kingdom

United Kingdom

Centrica sells Scottish project to new wind investor

UK: Utility Centrica is selling its 50% stake in the 72MW Braes of Doune onshore wind farm in Stirlingshire, Scotland.

Centrica sells Braes of Doune share to Hermes
Centrica sells Braes of Doune share to Hermes

Independent investor Hermes GPE Infrastructure Fund, which is managed by Hermes GPE LLP is buying the stake for £59m ($89m). It is the first time the company has invested in wind.

A common link, however is that Hermes chairman Kevin Carter is the trustee director of the Centrica Combined Common Investment Fund. The fund handles the assets of two Centrica pension schemes among others.

 Centrica will continue to receive 100% of the wind farm’s output under a power purchase agreement. It refused to disclose the price it will pay per kilowatt hour.

 The company said the sale is part of it strategy to release capital from operational wind farms to enhance returns. It acquired the 50% stake in August 2007 for £42 million (EUR 36 million).

 Centrica retains interests in potential offshore wind farm projects at Race Bank off England’s east coast and in the Round 3 Irish Sea zone.

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