State Bank of India : Centrica sells 50% stake in offshore wind farm

Centrica has sold its 50% non-operated interest in the 90MW Barrow Offshore Wind Farm, located in the East Irish Sea. The stake has been acquired by the operator, DONG Energy, which owns the remaining 50% of the asset. As part of the transaction, the power purchase agreement (PPA) currently in place between Centrica and the Barrow Offshore Wind Farm will be terminated. The total consideration is £50m in cash. The sale is in line with Centrica's strategy to release capital from its UK operational wind portfolio for value. It retains interests in three operational wind farms and continues to purchase a substantial amount of renewable and lower carbon power for its customers. Last year the power generated globally through our investments in nuclear and renewable energy helped avoid more than 8m tonnes of CO2 equivalent. In addition, the company says that the products Centrica has installed in UK homes since 2010 have cut over 9.8m tonnes of CO2 equivalent. At 10:54am: (LON:CNA) Centrica PLC share price was -1.1p at 270.8p Story provided by StockMarketWire.