02 Nov 2009 09:11:05
Centrica invests £725m in windfarm
Centrica is to invest up to £725 million into developing an offshore windfarm with 270MW of capacity.
According to the energy provider, which is the parent company of British Gas, the Lincs windfarm project is located off the coast of Skegness and construction is expected to begin in 2010.
The development will receive Renewable Obligation Certificates for every MW hour it produces following the government's announcement to boost support for renewable projects.
Sam Laidlaw, chief executive of Centrica, said: "Our decision to build Lincs illustrates our continued commitment to develop renewable generation and confirms our position as one of the UK leaders in green energy.
"The government's enhanced financial framework for offshore wind has been fundamental in improving the overall project economics of this development."
TCW, an investment business based in the US, has also acquired a 50 percent stake in Centrica's Lynn, Inner Dowsing and Glens of Foudland windfarm.
The company has sold the stake in exchange for £84 million worth of investment. http://www.centrica.co.uk/index.asp?pageid=835