In its preliminary results for 2015 published today, Centrica confirmed the implementation of its strategy is on track, including exiting wind power generation, following the recent disposal of the Lynn and Inner Dowsing offshore wind farms, and the Glens of Foudland wind farm on land.
The company reported that divestment proceeds contributed to lowering its net debt by 9%. As part of its divestment programme, the company expects to realise £0.5-1 billion of proceeds from the sale of E&P and wind assets by the end of 2017.
Centrica ceased the development of Celtic Array offshore wind project in 2014, and disposed its share in the Barrow offshore wind farm in December of the same year. In the first half of 2015, the company disposed the portion of the Lincs wind farm project financing debt that it owned.
Centrica said it will continue to participate to a limited degree through power purchase agreements.
“This revised strategy will establish Centrica as a leading energy and services company, able to satisfy the changing needs of our customers and deliver long-term shareholder value through returns and growth,” Centrica said in July 2015, when the new business strategy was announced.