Lack of financing has been holding back expansion of wind farms, but that may be finally loosening up.
US-based TCW is buying a 50% stake in three UK wind farms from Centrica Plc, owner of British Gas. The sale is a sign that investment interest may be rebounding.
TCW is buying stakes in 2 offshore wind farms, and one land-based farm for $138 million.
The sale is at least partially attributed to the UK’s decision in April to increase subsidies for new offshore wind projects. The subsidies are quite favorable for offshore wind, providing almost three times the electric price than baseload power.
Centrica plans to build a 270 MW offshore wind farm which will receive subsidies.
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