$660m funding agreement for British wind farm

Centrica Plc, Dong Energy and Siemens AG have agreed a à‚£425m ($660m) funding deal to construct a wind farm off the English coast.

The funding agreement for the à‚£1bn venture marks the first time banks have provided project finance to a UK offshore wind farm that’s still under construction.

Offshore wind turbine

Ten banks provided finance for the 270 MW Lincs wind park near Skegness in northeast England, according to Bloomberg New Energy Finance research.

Britain is among European nations promoting sea-based turbines to cut emissions and secure energy supply, even as the economy stagnates amid mounting debt.

The Lincs wind project is due to be fully operational in the first half of 2013. It will generate enough power for 200,000 homes, according to Centrica, which owns a 50 percent stake.

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