GBP 425 Million Lincs Offshore Wind Farm Secures Funds

Lincs Wind Farm Limited, a joint venture between Centrica plc, DONG Energy and Siemens Project Ventures GmbH, has finalised agreements to provide non-recourse project finance facilities for the 270MW Lincs offshore wind farm.

The facilities, totalling £425 million, will be provided by a consortium of 10 commercial banks.

The Lincs offshore wind farm will be built in the Greater Wash area – a region which has been identified by the British government for large offshore wind farm developments. The wind turbines will be constructed 8 km off the coast, to the east of Skegness, at a water depth of 10-15 m.

Lincs should go on line by the end of 2012 and, with a total installed power of up to 270 MW (up to 75 wind turbines each producing 3.6 MW), should generate enough electricity to satisfy the demands of 200,000 British households.

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Offshore WIND staff, June 07, 2012; Image: centrica