Centrica seeks renewable energy loan

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The UK's biggest energy supplier is seeking a £450 million loan to finance three of its UK windfarms.

According to industry insiders, Centrica is arranging the loan, which will be held against two offshore windfarms that are undergoing commissioning and one onshore site, with a 15-year maturity.

The two offshore farms covered by the deal are located off the coast of Lincolnshire and will have a combined capacity of 194MW.

Centrica spokesman Andrew Turpin declined to comment on the deal.

Meanwhile, Phil Bentley, managing director of Centrica's British Gas retail unit, said "the economics don't quite work" for new offshore windfarms and additional state subsidies may be required to make them viable.

The energy firm has come under increasing pressure to drop plans to buy a 25 per cent stake in British Energy, which operates the UK's nuclear power stations.

EDF is opposing the move, which was announced by Centrica in September last year.

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