Centrica - Sale of 50 per cent. of Lincs Offshore Wind Farm

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Slaughter and May advised Centrica PLC on the sale of a 50 per cent equity stake in its 270 megawatt (MW) Lincs offshore wind farm to DONG Energy and Siemens Project Ventures for a cash consideration of approximately £50 million, and on related joint venture, wind turbine supply, financing and power off-take arrangements.

The consideration payable will be equal to 50 per cent. of the costs incurred by Centrica on the project to the date of completion of the sale, which is expected in January 2010.

Total investment in the project is expected to be approximately £750 million, with Centrica's share being £375 million.

Construction of the Lincs wind farm is planned to commence in 2010 with first power expected in the second half of 2012.

Corporate: John Papanichola (partner), Georgie Fast (associate), Jonathan Wiseman (associate), Brendan Wright (associate); Financing: Paul Stacey (partner), David Bicknell (partner), William Fenn (associate), Alexandra Harvey (associate); Commercial Real Estate: David Waterfield (partner), Tim Healey (associate), Anj Chavda (associate) Sarah Tolley (associate), Shilpa Joshi (associate); Tax: Steve Edge (partner), Tom Jarvis (associate)