Centrica has accepted a £50 million bid from Dong Energy and Siemens Project Ventures for a 50 per cent equity stake in its Lincs offshore wind farm.

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The British Gas parent will cover half the investment for the 270MW project, which is expected to start delivering power in 2012 and will cost in the region of £750 million.

Dong and Siemens will cover the remaining £375 million.

As part of the deal, Lincs has agreed to upgrade its 75 turbines to bigger, more efficient versions which can generate up to ten per cent more electricity than traditional turbines.

The news follows an announcement that the Crown Estate is expected to earn £5 billion over the following 25 years from new offshore projects in the UK.

Lincs is Centrica's latest wind farm and follows the successful completion of the Lynn and Inner Dowsing wind farms.