News / Hermes GPE Infrastructure Fund acquires 50 % stake in Scottish wind farm

Hermes GPE Infrastructure Fund acquires 50 % stake in Scottish wind farm

🕔 May 31, 2013
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Centrica plc has reached an agreement to sell its 50% interest in the 72MW Braes of Doune onshore wind farm in Stirlingshire, Scotland, for £59 million in cash.  The stake has been acquired by the Hermes GPE Infrastructure Fund, which is managed by Hermes GPE LLP.  Centrica will continue to receive 100% of the wind farm's output under a power purchase agreement (PPA).

The sale is in line with Centrica's strategy to release capital from operational wind assets to enhance returns.  Following completion of the transaction, Centrica will retain equity interests in four operational wind farms, and also retains interests in potential offshore wind farm projects at Race Bank and in the Round 3 Irish Sea Zone.

Hermes GPE Infrastructure Fund acquired the stake for a purchase consideration of GBP59m ($89.5m). The total installed capacity of the wind farm is 72 MW. Centrica acquired its 50% interest in the Braes O' Doune wind farm in August 2007, for GBP42m ($63.7m). The transaction implies a deal value of US$2.48m per MW.

Source: Centrica

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