British Gas owner Centrica is to build a £725m wind farm off the Lincolnshire coast, having secured a £340m refinancing of its entire wind energy portfolio.
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Centrica announced it has agreed a joint venture with French investment group TCW, a subsidiary of Société Générale. It has also sold down a 50 per cent stake in its two existing UK wind farms in Aberdeenshire and Lincolnshire for a £50m profit.
The new wind farm will be financed by a consortium of five banks, who are providing a £340m facility. A 15-year contract has been agreed with British Gas guaranteeing exclusive supply for the green energy generated by the three farms.
