Centrica to build new wind farm
British Gas's parent company Centrica today announced it will build a new offshore wind farm in UK waters which will provide enough electricity to power around 200,000 homes.
Centrica is investing £725m in the 75-turbine wind farm five miles off the Lincolnshire coast from Skegness, next to the company's existing developments at Lynn and Inner Dowsing which power 130,000 homes.
Construction of the 270MW renewable energy site will begin in 2010 and should start generating electricity towards the end of 2012, bringing the company's total installed renewable capacity to 650 MW.
Centrica said the Government's decision to increase the financial incentives for offshore wind had been "fundamental" in enabling the project to go ahead.
The company also announced it was selling a 50 per cent stake in its Lynn, Inner Dowsing and Glens of Foudland wind farms to US-based investment management company TCW for £84m and had agreed a refinancing deal to raise a further £340m in funds for new projects.
Sam Laidlaw, chief executive of Centrica, said: "Our decision to build Lincs illustrates our continued commitment to develop renewable generation and confirms our position as one of the UK leaders in green energy.
"The Government's enhanced financial framework for offshore wind has been fundamental in improving the overall project economics of this development."
Following Centrica's announcement, Energy and Climate Change Secretary Ed Miliband said: "This is another vote of confidence in our decision to review the incentive for offshore wind earlier this year and a clear example of how government intervention can drive the energy generation market towards low carbon.
"We're currently the world leader in offshore wind and with the addition of Lincs we will increase our lead as well as our renewable energy generation."
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 3 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
- 5 Game of Thrones is most-pirated TV show of 2014
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Millions of Britons struggling to feed themselves and facing malnourishment
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
£32000 - £40000 per annum: Recruitment Genius: A Business Manager is required ...
£45000 - £55000 per annum: Recruitment Genius: This is an exciting opportunity...
£20000 per annum: Recruitment Genius: Panel Wireman required for small electro...
£25000 - £27000 per annum: Recruitment Genius: An SME based in East Cheshire, ...