The UK Green Investment Bank (GIB)'s offshore wind fund and asset manager BlackRock team have reached an agreement to acquire GLID Wind Farms. The £423 million ($615 million) deal involves transfer of 220 MW Glens of Foudland (26 MW), Lynn and Inner Dowsing wind farms (194 MW) or GLID from 'Big Six' utility Centrica and EIG Global Energy Partners.

Under the agreement, GIB will acquire 61% while BlackRock managed fund own the remaining 39% stake in the GLID farms. The latter will also assume ownership of GILD's other operating asset and the 26MW Glens of Foudland onshore wind farm in Aberdeenshire, Scotland, reports Business Green.

However, a power purchase agreement with Centrica has been reported to remain effective as earlier. The utility will purchase all of the electricity produced by both assets and enjoy 50% of the renewable obligation certificates until 2024. The Windsor based British multinational company will also continue to provide operations and maintenance services until March 2017, according to a report published in Bloomberg.

The Lynn and Inner Dowsing offshore wind farms are located off the coast of North East Lincolnshire. Centrica is believed to receive net proceeds of £115 million from the sale repaying debt associated with GLID and other costs. Centrica's selling appears in line with its strategy to dispose of interests in wind power generation while continuing to purchase wind power, reports RTT News.