06 Jan 2017 – A consortium of the Green Investment Bank and pension fund AMF Pensionsforsakring AB have been selected as buyers for Centrica’s [LON:CAN] stake in the Lincs offshore wind farm, two sources briefed on the situation said.
The deal is being finalised and is expected to be announced in the next two weeks, the sources added.
Mergermarket reported in April 2016 that Centrica had hired HSBC to advise on the sale process.
Centric holds a 50% stake in the 270 MW Lincs asset, with Dong Energy and Siemens Project Ventures each owning a 25% share.
The Green Investment Bank has begun reaching out to banks with the aim of securing debt financing to fund the deal, one of the sources said. “They seem to be making arrangements ahead of the deal being officially finalised,” the source added.
Allen & Overy is advising the Green Investment Bank, the first source added. GIB is reportedly in the process of being sold to Macquarie, in a deal that is expected to close this month.
In July 2015 Centrica announced it would dispose of its entire offshore wind portfolio. Lincs is the final asset to be sold.
Centrica and AMF declined to comment. The Green Investment Bank, Allen & Overy and HSBC did not respond to a request for comment.
Cetrica has a GBP 12.7bn market cap.
by Katie McQue