Centrica plc has agreed to sell its Peterborough site, which comprises freehold land, the 245MW Peterborough open cycle gas turbine (OCGT) and the 49MW reciprocating gas engine to Whitetower Holdings UK Limited, an affiliate of Rockland Capital, LP. The agreed consideration is £20m, which is subject to customary working capital and other completion adjustments.
The transaction is expected to complete before the end of September 2021, and Centrica will continue to provide optimisation services to the Peterborough site after the sale.
The sale is consistent with Centrica’s strategy to become a simpler, leaner Group focused on delivering for its customers and its target to be net zero by 2045.
Centrica is a leading energy services and solutions provider founded on a 200-year heritage of serving people. We are the UK’s biggest retailer of zero carbon electricity, serving around 10 million customers across the UK, Ireland and Continental Europe through brands such as British Gas, supported by around 9,000 highly trained engineers and technicians. Centrica’s purpose of helping customers live sustainably, simply and affordably drives our strategy and our People and Planet Plan.
Rockland Capital is a private equity company that was formed in early 2003 in order to acquire and develop selected investment opportunities in power and energy infrastructure markets. Rockland is currently investing Rockland Power Partners III, LP, a $454 million private equity fund with investors that include U.S. endowments and foundations, funds of funds, pension plans and family offices. The firm also manages Rockland PJM Partners, LP, a $200 million
private equity fund, Rockland Power Partners II, LP, a $425 million fund and, Rockland Power Partners, LP, a $333 million fund. Investments have been located throughout the United States and the United Kingdom, ranging from 1,875 MW to 5 MW, fuelled by natural gas, coal, biomass, oil, energy storage, wind and solar power.
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