Freedom of information response
Sale of stake in wind farms
I am writing an update on the sale of stake in two offshore wind farms in the UK – 317 MW Sheringham Shoal Offshore Wind Farm
And 210 MW Westermost Rough Wind farm. Sheringham Shoal is backed and operated by Equinor and other shareholders include Green Investment Group and Equitix, while Westermost Rough is backed and operated by Orsted and other shareholders are Marubeni Corporation and UK Green Investment Bank.
I understand that Thurrock Council owns 7.8% in Sheringhan Shoal offshore wind farm and 4.8% in Westermost Rough wind farm and is seeking to sell it. I also understand it has mandated Green Giraffe to advise on the sale process.
Can you confirm the information above and provide a response on a few queries:
1. Is Thurrock Council planning to sell the stakes to reduce its debt ?
2. Are other shareholders of the wind farms also seeking to sell their partial or complete shareholdings ?
3. When is the Thurrock Council seeking to launch the sale of wind farms’ stake ?
1. The Council’s published Improvement and Recovery Plan (Improvement and Recovery Plan | Improvement | Thurrock Council) includes an objective to divest the Council investment’s, at an appropriate time including these wind farms, although this will be undertaken in a planned and measured way to maximise value for the Council and its taxpayers. The receipts arising from any divestment will be applied to reduce its external borrowing need.
2. The Council would not be involved in decision-making by other shareholders in these companies and the Council would not be involved in these decisions.
3. In accordance with the objective outlined in 1) above, the Council is in the process of reducing its overall investment holdings in a considered and pragmatic manner. As a result of this process exact timings in relation to the possible sale of these two assets are not available.