Offshore wind energy: £425M wind-farm financing pact set

Centrica PLC , said Thursday that Lincs Wind Farm Ltd, a joint venture between Centrica, DONG Energy (DONG) and Siemens Project Ventures GmbH, has finalized agreements to provide non-recourse project finance facilities for the 270MW Lincs offshore wind farm.


-The facilities, totaling 425 million British pounds, will be provided by a consortium of 10 commercial banks.

-Construction of the wind farm commenced in 2010. First power is expected to be achieved in the second half of 2012 and the asset is expected to be fully operational in the first half of 2013.

-Centrica shares at 1003 GMT up 1 pence, or 0.3%, at 309.7 pence, valuing the company at GBP16.01 billion.