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Centrica plans wind-farm stake sale

British Gas owner Centrica, is understood to be close to sealing a £400M deal to sell half of its stake in the Lynn and Inner Dowsing wind farm off the Lincolnshire coast.

The wind farm is the largest in the world and became fully operational in March. Its 54 turbines have the potential to generate enough power to meet the annual demands of 130,000 homes - nearly half the number of households in Lincolnshire.

Centrica’s latest move is part of a larger programme initiated by chief executive Sam Laidlaw to sell assets to fund investments in new nuclear projects, offshore wind farms and gas storage projects.

Negotiations about the sale are continuing, with an infrastructure fund and a sale likely to be announced some time this week, according to the Sunday Times.

The equity stake sale is expected to fetch £90M, while an additional £300M could be provided by a debt syndicate pulled together by Bank of Tokyo-Mitsubishi.

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