19 02 2016Sale of Glens of Foudland, Lynn and Inner Dowsing wind farms
Centrica and its 50% joint venture partner EIG Global Energy Partners have agreed a joint sale of the Glens of Foudland, Lynn and Inner Dowsing wind farms to a consortium, comprising the UK Green Investment Bank Offshore Wind Fund and funds managed by BlackRock, for an Enterprise Value of ¬£423 million.
After repayment of debt associated with GLID and other costs, Centrica‚Äôs net share of the proceeds will be approximately ¬£115 million.
Glens of Foudland is an onshore wind farm (26MW) located in Aberdeenshire and the Lynn and Inner Dowsing offshore wind farms (194MW) are located off the coast of North East Lincolnshire.
The sale is in line with Centrica‚Äôs strategy to dispose of its interests in wind power generation, while continuing to purchase wind power. Centrica will continue to purchase 100% of the power and 50% of the Renewable Obligation Certificates (‚ÄúROCs‚ÄĚ) from the three wind farms under existing power purchase agreements (‚ÄúPPAs‚ÄĚ) until 2024.
Centrica will continue to provide operations and maintenance support to GLID up to March 2017. Slaughter and May advised Centrica plc on the deal with a Corporate team led by partner Hywel Davies, alongside associates Alex Dustan and¬†associate Joanna O'Brien; a Financing team led by partner Paul Stacey, and associate Adrian Barrus, on Tax matters acted partner Gareth Miles and associate Ed Milliner; on Real Estate/Environmental law provided assistance partner John Nevin and associates Samantha Brady, Mark Gulliford and Sarah Tolley; on Projects acted associates Richard Todd and Tom Inker; on Employment law acted partner Roland Doughty and associate Lucy Duane, while on Antitrust law provided assistance partner Lisa Wright and associate Tim Blanchard. Milbank, Tweed, Hadley & McCloy LLP has advised EIG Global Energy Partners on the transaction with a team led by Energy and Corporate partners John Dewar (picture) and Stuart Harray, assisted by Corporate senior associates, Daniel Wayte and Sarah Ullathorne, Corporate Associate, James Mackay and Special Counsel, Matthew Mortimer in respect of UK tax. Involved fees earner: Hywel Davies - Slaughter and May; Alex Dustan - Slaughter and May; Joanna O'Brien - Slaughter and May; Paul Stacey - Slaughter and May; Adrian Barrus - Slaughter and May; Gareth Miles - Slaughter and May; Ed Milliner - Slaughter and May; John Nevin - Slaughter and May; Samantha Brady - Slaughter and May; Mark Gulliford - Slaughter and May; Sarah Tolley - Slaughter and May; Roland Doughty - Slaughter and May; Lucy Duane - Slaughter and May; Tom Inker - Slaughter and May; Richard Todd - Slaughter and May; Lisa Wright - Slaughter and May; Tim Blanchard - Slaughter and May; John Dewar - Milbank; Stuart Harray - Milbank;
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