Centrica plc has reached an agreement to sell its Race Bank offshore wind farm project to DONG Energy Power (UK) Limited for £50 million.
The Race Bank project has received all major consents from UK authorities for the construction and operation of the wind farm. Extensive geotechnical and geophysical investigations of the site have already been carried out. The consents enable offshore construction to commence from 2017.
With Centrica having taken the project through the planning and Front End Engineering Design phase, DONG Energy will now take forward the project’s development. A decision to actually build the project is still pending and depends on a continued successful development of the farm under DONG Energy’s ownership.
Mark Hanafin, Managing Director of Centrica Energy said: “This transaction marks the next step in the development of the Race Bank wind farm and we are pleased that the project will continue to progress towards a Final Investment Decision.”
“The Race Bank project is located relatively close to shore, with good wind resources, low water depths, and seabed conditions similar to DONG Energy’s other UK Round 2 projects. I’m confident that given our proven experience in developing and building offshore wind farms and the forward visibility on tariffs until the end of the decade created by the EMR – we can turn this into a successful project,” said Samuel Leupold, Executive Vice President of DONG Energy Wind Power .
The project has a total consented capacity of up to 580 megawatt and is located in the Greater Wash area approximately 27 km off the east coast of England.
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Press release, December 13, 2013; Image: Centrica