Centrica in Talks With Partner for Race Bank Offshore Wind

Centrica Plc, the biggest power and gas supplier to U.K. homes, said it’s in talks with a financial partner to develop the 580-megawatt Race Bank offshore wind project.

Centrica is prepared to commit 200 million pounds ($302 million) of its own money to Race Bank, off the coast of eastern England, the utility said today in a statement. It’s in talks with the government and a financial partner it didn’t name over the economic framework that will underpin the farm, the Windsor, England-based company said.

“We will only invest for value and will seek to reduce our equity ownership through partnering where appropriate,” Centrica said of its offshore wind projects. The utility in March sold 50 percent of its interest in as many as 4.2 gigawatts of wind projects in the Irish Sea to Dong Energy A/S.

The U.K. has just under 3 gigawatts of Europe’s 5 gigawatts of installed offshore wind turbines, according to the European Wind Energy Association. The country is banking on the technology to help meet its European Union renewable energy targets, and plans to install a total of 18 gigawatts of offshore wind farms by 2020.

Centrica’s 270-megawatt Lincs project, between the coast and Race Bank, has generated its first power and is expected to be fully operational in the second half of this year, the company said in today’s statement.

To contact the reporter on this story: Alex Morales in London at amorales2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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