UK energy group Centrica agreed to divest 50% stake in the project for £220m while the remaining 25% stake in the project will be sold by Siemens Project Ventures to GIB.
As part of the deal, the bank will acquire 31% stake in the project for £302m while its GIB Offshore Wind Fund will acquire 44% interest for £429m.
GIB CEO and GIB Financial Services (GIBFS) chair Shaun Kingsbury said: “Delivering the continuing growth of renewable energy is reliant on attracting new types of investors. In setting up an offshore wind fund GIB has created an innovative way to connect deep pools of long term capital to UK green infrastructure projects.
“In a short period of time we have successfully raised our first fund and fully invested its capital, passing our £1bn target.”
Under the terms of the deal, which is scheduled to be closed in February, Centrica will continue to provide operations and maintenance support to the offshore wind farm project for a 12-month transitional period which begins from the closing date of the sale.
Denmark’s Dong Energy, which will continue to hold 25% stake in the project, has agreed to handle the Lincs’ operations from Centrica for 15 years upon completion of the latter’s commitment during the transitional period.
GIB Offshore Wind Fund managing director Karl Smith said: “We are delighted to be entering into the Fund’s first partnership with DONG Energy.
“Lincs joins a portfolio of five other assets, producing returns consistent with those expected from the Fund investors.”
Commissioned in 2013, the Lincs wind farm features 75 Siemens 3.6MW turbines.
