BOW plans to build 30 wind turbines off Walney Island, near Barrow. British Gas will buy all the electricity produced by the windfarm under a long-term power purchase agreement. The cost of the project is estimated at £100 million. £10 million of this will be funded by a government grant. The project has all the consents needed for construction and operation.
The joint venture will buy 100% of the share capital in BOW. Centrica will hold a 25% stake, and DONG and Statkraft will each hold 37.5%.
Construction of the windfarm is due to start in 2004 or 2005.
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