Under the term of the deal, the UK GIB Offshore Wind Fund and associated parallel funds and funds managed by BlackRock will acquire Glens of Foudland, Lynn and Inner Dowsing wind farms (GLID).
UK Green Investment Bank Financial Services fund manager Karl Smith said: "The unique partnership that we have entered into demonstrates the ability of the Offshore Wind Fund to capitalize on opportunities presented by the UK offshore wind sector, as well as highlighting the quality of existing assets in UK waters."
Upon completion of the deal, the GIB Fund have 61% stake in the Lynn and Inner Dowsing offshore wind farms, which have a combined capacity of 194MW, while the remaining 39% will be held by funds managed by BlackRock
Featuring 54 turbines, the Lynn and Inner Dowsing offshore wind farms are located off the coast of Lincolnshire.
BlackRock-managed funds will own the 26MW Glens of Foudland onshore wind farm in Aberdeenshire, Scotland.
BlackRock managing director Rory O’Connor said: "This landmark transaction demonstrates BlackRock’s significant investment programme in the UK renewables sector.
"For investors, the sector can provide opportunities for less correlated, inflation-linked, long-duration income and attractive risk-adjusted returns."
The divestment is a part of Centrica’s previously announced plan to sell its interests in wind power generation.
The firm, however, will continue to purchase 100% of the power and 50% of the Renewable Obligation Certificates from the three wind farms until 2024 as part of the existing power purchase agreements.
Centrica will be responsible for providing operations and maintenance support to the three wind farms up to March 2017.
The transaction is planned to be completed during March 2016.
Image: Centrica plans to divest its stakes in wind power generation assets. Photo: courtesy of omphong/ FreeDigitalPhotos.net.
