Li Ka-Shing eyes Centrica stake as it seeks to invest
THE RICHEST man in Asia, Li Ka-Shing, is understood to be one of four bidders for a stake in Centrica’s new wind farm.
His Hongkong Electric company could provide cash for British Gas’ owner, which is looking for investment to help it snap up bargains in the downturn.
It wants to invest in gas fields, now relatively cheap as the price of oil slumped last year.
The wind farm, which is off the Lincolnshire coast, is one of Centrica’s most prized assets.
The company has hired Bank of Tokyo-Mitsubishi to raise £350m of debt against the project. Credit Suisse has been auctioning a 50 per cent equity stake. It is thought it could fetch around £150m.
The other bidders are KKR, the American private equity giant, RREEF, Deutsche Bank’s infrastructure arm, and Chinese utility Datang International Power Generation.