Acquisition of Solar PV Portfolio

RNS Number : 1070E

John Laing Environmental Assets Grp

02 November 2015

 



2 November 2015

JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED

("JLEN" or the "Company")

 Acquisition of solar PV portfolio

JLEN is pleased to announce the acquisition of a large solar PV portfolio for a cash consideration, including working capital, of £18.8 million.

The fully operational 4.2 MWp solar energy generation portfolio comprises 796 systems of residential rooftop, commercial rooftop and commercial ground mounted solar PV installations, distributed across England, Wales and Scotland. The portfolio benefits from the UK feed-in tariff for 25 years from the date of installation of individual systems which is linked to an annual increase in the UK Retail Price Index ("RPI"). The portfolio comprises a number of special purpose companies financed and owned by Venture Capital Trusts and Enterprise Investment Schemes managed by Downing LLP and Beringea LLP and the founding shareholders and developers of the portfolio.

The acquisition was funded by a draw-down under the Company's £50 million revolving credit facility.

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For Further Details Contact:

John Laing Capital Management Limited David Hardy Chris Tanner	020 7901 3559
Redleaf Polhill Rebecca Sanders-Hewett Charlie Geller	020 7382 4769

About JLEN

JLEN's investment policy is to invest in environmental infrastructure projects that have the benefit of long-term, predictable, wholly or partially inflation-linked cash flows supported by long-term contracts or stable regulatory frameworks.

Environmental Infrastructure is defined by the Company as infrastructure projects that utilise natural or waste resources or support more environmentally-friendly approaches to economic activity. This could involve the generation of renewable energy (including solar, wind, hydropower and biomass technologies), the supply and treatment of water, the treatment and processing of waste, and projects that promote energy efficiency.

Further details of the Company can be found on its website www.jlen.com

About Downing

Downing LLP is a London-based investment management firm. We help UK businesses grow by investing in them via our range of VCT, EIS, ISA and other products. So far, over 35,000 investors have been a part of what we do, and we are proud to have raised and invested over £1.6 billion in businesses across a range of sectors, from renewable energy, care homes, health clubs and data centres, to early-stage technology investments and earth satellite stations.

For more information visit www.downing.co.uk. 

About Beringea

Beringea is an international venture capital firm with offices in London and Detroit, managing over £300m of assets. In the UK, Beringea LLP manages the ProVen VCTs and Beringea Growth Finance. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. For more information visit www.beringea.co.uk and www.provenvcts.co.uk.

 

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