As per the transaction, DONG Energy will pay Centrica about £40m in cash for a 50% stake in the joint venture.
DONG Energy will pay Centrica £15m at closing of the transaction, with the balance payable in later years contingent upon consent being achieved for a project in the Irish Sea Zone and DONG Energy reaching a final investment decision for a project in the Zone.
The parties already hold joint interests in the Barrow and Lincs offshore wind farms.
The two companies will collaborate to develop different projects in the zone on a 50-50 basis with construction management of the projects alternating between the parties.
For the first project under Centrica’s management, a final investment decision is expected in 2016.
