Centrica Sells 50% Share in Scottish Wind Farm to Hermes GPESally Bakewell
Centrica Plc, the U.K.’s largest household energy supplier, agreed to sell its 50 percent share in a Scottish wind farm to a fund managed by private equity company Hermes GPE LLP for 59 million pounds ($89.4 million).
Centrica, which bought its stake in 2007 for 42 million pounds, will continue to receive all power from the 72-megawatt Braes of Doune plant in Stirlingshire, the Windsor-based company said today. The sale is “in line with Centrica’s strategy to release capital from operational wind assets to enhance returns,” it said in a statement.
Following completion of the deal in June, Centrica will own shares in four operating wind farms as well as the Race Bank wind plant planned off north Norfolk and developments in the Round 3 Irish Sea zone.