Centrica - Sale of wind farms

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Slaughter and May advised Centrica PLC on the sale of a 50 per cent equity stake in its Lynn (90MW), Inner Dowsing (90MW) and Glens of Foudland (26MW) wind farms to the US based investment management company TCW for a cash consideration of £84 million, and on related joint venture and power off-take arrangements. Slaughter and May also advised on agreements to raise approximately £340 million of non-recourse project finance facilities from a consortium of 14 banks.

The transactions, which were announced on 28 October 2009, value the wind farms at approximately £460 million in aggregate.

Financing: Paul Stacey (partner), David Bicknell (partner), Richard Jones (associate), Nick Gavin-Brown (associate), Adrian Barrus (associate), William Fenn (associate), Marc Glancy (associate), Alexandra Harvey (associate); Corporate: Hywel Davies (partner), Matthew Bowden (associate), John Connell (associate), Simon Evers (associate), Tim Pitt (associate); Commercial Real Estate: David Waterfield (partner), Parita Wooding (associate), Sarah Tolley (associate), Shilpa Joshi (associate), Tim Healey (associate); Competition: Christopher Wright (special adviser); Tax: Simon Letherman (associate)