French oil company Total has sold a 40% stake it in the South Humber Bank power plant to UK gas giant Centrica..

The gas-fired plant is operated by Centrica, which already owned 60% of the 1,260 MW facility, located in North Lincolnshire.

To secure the stake Centrica will make a cash payment of £46.5 million (€85 million) to Chanter Petroleum, a subsidiary of Total. Taking into account the monies in Humber Power Limited and Chanter Petroleum’s lease financing obligations, this is equivalent to a price paid of £150 million (€273 million) or £294/kW (€535 million/kW).

South Humber Bank power station was commissioned in two phases between 1997 and 1999 and represents one of the UK’s most modern and efficient gas fired plants. Centrica acquired its 60 per cent interest in 2001.