The UK Green Investment Bank Offshore Wind Fund and associated parallel funds (the Fund) and funds managed by BlackRock have acquired GLID Wind Farms TopCo Limited (GLID) from Centrica and EIG Global Energy Partners (EIG) in a transaction worth GBP 423 million.
The Fund will now own a 61% stake in the 194MW, 54 turbine Lynn and Inner Dowsing offshore wind farms, located off the coast of Lincolnshire. The BlackRock-managed funds will own the remaining 39% of the projects. Complete ownership of GLID’s other operating asset, the 26 MW Glens of Foudland onshore wind farm in Aberdeenshire, Scotland, will be transferred to the funds managed by BlackRock. An existing power purchase agreement (PPA) will see Centrica purchase 100% of the power produced by the wind farms and 50% of the Renewable Obligation Certificates (ROCs) until 2024. Centrica will continue to provide operations and maintenance (O&M) support to the projects until March 2017. Law firm Eversheds has advised BlackRock and Green Investment Bank on the acquisition from Centrica and EIG.