Centrica has ended its foray into producing renewable energy with the £487m sale of its last remaining stake in an offshore windfarm to the Green Investment Bank. The deal marks an end for British Gas owner Centrica as a wind power generator after beating a retreat from the sector over the past year with the sale of stakes in two other wind farms – Aberdeen’s Glens of Foundland project and Lynn and Inner Dowsing off Lincolshire. The FTSE 100 energy giant said the sale of its half of the 270MW Lincs wind farm off the coast of Skegness would bring in proceeds of £220m after costs related to the sale are taken into account. Project partner Siemens also plans to sell its 25pc share, but Denmark’s Dong Energy will retain its 25pc holding in the venture. Centrica’s wind power exit is part of a billion-pound strategy set out in 2015 to shift the company away from large-scale energy production towards customer-facing activities. At the time the company said it hoped to release £1bn by selling off assets from its wind and North Sea business arms. By the end of the decade the company intends to funnel £1.5bn towards supplying business energy customers with advanced efficiency services and adapting to the shift among households towards the use of ‘smart home’ technology, which uses internet-connected devices to remotely manage energy use.
Telegraph 13th Jan 2017 read more »