Slaughter and May advised Centrica plc - joint sale of the Glens of Foudland, Lynn and Inner Dowsing wind farms
Slaughter and May advised Centrica plc on a joint sale, with its 50% joint venture partner EIG Global Energy Partners, of the Glens of Foudland, Lynn and Inner Dowsing wind farms (GLID) to a consortium, comprising the UK Green Investment Bank Offshore Wind Fund and funds managed by BlackRock, for an Enterprise Value of £423 million.
Glens of Foudland is an onshore wind farm located in Aberdeenshire and the Lynn and Inner Dowsing offshore wind farms are located off the coast of North East Lincolnshire.
Centrica will continue to purchase 100% of the power and 50% of the Renewable Obligation Certificates from the three wind farms under existing power purchase agreements until 2024. Centrica will also provide operations and maintenance support to GLID up to March 2017.
The transaction is expected to complete in March 2016.