The U.K. Green Investment Bank Offshore Wind Fund and funds managed by BlackRock Inc. acquired GLID Wind Farms TopCo Ltd. from Centrica Plc and EIG Global Energy Partners LLC for 423 million pounds ($615 million).
GLID has a 61 percent stake in the 194-megawatt Lynn and Inner Dowsing wind farm off the coast of Lincolnshire, east England. It wholly owns the Glens of Foudland onshore wind farm in Aberdeenshire, Scotland, with an installed capacity of 26 megawatts.
A power-purchase agreement with Centrica will remain in place, the Green Investment Bank said in an e-mailed statement. The utility will buy all of the electricity generated by both assets, as well as 50 percent of the renewable obligation certificates until 2024. It will also continue to provide operations and maintenance services until March 2017.
“For investors, the sector can provide opportunities for less correlated, inflation-linked, long-duration income and attractive risk-adjusted returns,” said Rory O’Connor, a managing director at BlackRock.
The Green Investment Bank’s offshore wind fund now consists of five assets worth 818 million pounds. BlackRock has invested more than $2 billion in renewable energy. RBC Capital Markets advised on the transaction.