On 7 June 2012, Lincs Wind Farm, a consortium comprising Centrica (50%), Dong (25%) and Siemens (25%), closed a £1 billion ($1.55 billion) financing for the 270MW Lincs offshore wind farm. The deal is the first offshore project in the UK to close where lenders have accepted construction risk, and is also the first project in Europe where construction risk has been written into the term sheet from the start.
The project entails the development of a 270MW wind farm, about 8km east of the town of Skegness, Lincolnshire, in the UK. Siemens is supplying 75 three-blade 3.6MW wind turbines to the project. The sponsors will be responsible for the construction of the wind farm, which, like all other offshore wind projects to date, lacks a single turnkey construction contract.
Centrica’s interest in Lincs dates back to 2004, when it acquired the project from Renewable Energy Systems. In 2008, the utility obtained...
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