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Centrica plans to divest wind power business

CTBR Staff Writer Published 31 July 2015

UK energy firm Centrica is planning to divest its remaining stakes in wind power projects as part of a strategic review.

The company is looking to raise up to £1bn by selling its wind farms and some of its exploration and production assets in order focus on energy supply business, FT reported.

The company has a combined operational wind generation asset base of 245MW, including a 50% stake in the 270MW Lincs offshore wind farm and a 50% interest in the 194MW Lynn and Inner Dowsing offshore sites.

Centrica also holds a 50% stake in the 26MW Glens of Foudland onshore wind farm in Aberdeenshire, Scotland.

In its half-yearly statement, the company said: "In wind power generation, with total operational capacity of only 245MW and no existing potential developments in the pipeline, we plan to dispose of our interests, continuing to participate to a limited degree through power purchase agreements."

The planned divestitures are part of Centrica's strategy to focus on energy supply, services, distributed energy and power, connected home and energy marketing and trading.

In the first half of 2015, the company's wind assets had good availability, but renewable power generation declined by 10% following sale of its share in the 90MW Barrow offshore wind farm in the East Irish Sea.

Power operating profit increased by 11% compared to the first half of last year because of a higher renewables profit.

It included a £40m charge related with the write-off of Centrica's investment in the Celtic Array Round 3 offshore wind project.