Barrow Offshore Wind Ltd., a 50/50 joint venture between Centrica and DONG Energy, today announced that it has completed the sale of transmission assets at the Barrow offshore wind farm to TC Barrow OFTO Ltd. for GBP 34 million.
The disposal is in line with regulation requiring offshore wind farm generators to divest their transmission assets to new offshore transmission owners via a competitive tender run by Ofgem.
Barrow Offshore Wind Ltd. and TC Barrow OFTO Ltd. have agreed a five year operation and maintenance contract for the transmission assets.
The information provided in this announcement does not change DONG Energy's previous financial guidance for the 2011 financial year or the announced expected investment level.
For additional information, please contact:
DONG Energy
Media Relations
Andreas Krog
+45 9955 2023
Investor Relations
Morten Hultberg Buchgreitz
+45 9955 9750
Centrica
Investor relations:
+44 (0)1753 494900
Centrica
Press office:
+44 (0)800 107 7014
About DONG Energy:
DONG Energy is one of the leading energy groups in Northern Europe. We are headquartered in Denmark. Our business is based on procuring, producing, distributing and trading in energy and related products in Northern Europe. We have approximately 6,000 employees and generated DKK 55 billion (EUR 7.3 billion) in revenue in 2010. For further information, see www.dongenergy.com.
DONG Energy is strongly involved in the production and expansion of renewable energy in the UK. The company currently operates the offshore wind farms Gunfleet Sands (172 MW), Burbo Bank (90 MW), Barrows (90 MW) and Walney 1 (184 MW). In addition, DONG Energy is involved in building four new major UK offshore wind farms, including what will be the world's largest offshore wind farm London Array (630 MW), due to enter into operation in 2012.
About Centrica:
Centrica is an integrated energy company operating predominately in the UK and North America. Upstream it sources, generates, processes, trades and stores energy. Downstream it supplies gas and electricity to millions of homes and businesses and offers a range of home energy solutions and low carbon products and services. Centrica is a top 30 FTSE100 company.
About TC Barrow OFTO Ltd.
TC Barrow OFTO Ltd. is a part of Transmission Capital Partners. It is a consortium comprising INPP, Amber Infrastructure and Transmission Capital and was established in 2008 to procure, construct, own and operate transmission assets, initially those in the UK being tendered through the new offshore transmission regulatory regime being overseen by Ofgem. It also provides transmission development advisory services to electricity industry stakeholders, including many offshore wind developers. The senior management team has over 70 years of experience in the UK electricity supply industry, the majority of which has been focussed on the development, procurement and construction of major offshore transmission and wind projects.
