WINDSOR, England, March 22 (UPI) -- A joint venture with Danish energy company DONG in 4-gigawatts worth of wind farms in the Irish Sea is "a logical step," British energy company Centrica said.
DONG agreed to pay its British counterpart $63.5 million in cash for a 50-percent stake in the development of wind farms in the Irish Sea that have the potential to produce 4.2 gigawatts of electricity.
"Creating this joint venture with DONG Energy is a logical step that will combine both companies' expertise and scale to help realize the full potential of the zone (in the Irish Sea)," Mark Hanafin, managing director of Centrica Energy, said in a statement. "The partnership forms part of our strategy to deliver value from our growing upstream business."
Both companies are partners in existing wind farms in the region. Centrica said a final investment decision on the Irish Sea projects was expected by 2016.
Carsten Krogsgaard Thomsen, acting chief executive at Dong, described Centrica as a "natural partner."