Acquisition

RNS Number : 0871J

John Laing Environmental Assets Grp

01 April 2015

 



1 April 2015

JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED

("JLEN" or the "Company")

 Acquisition of Branden solar park and Carscreugh and Wear Point wind farms

JLEN is pleased to announce the acquisition of three projects from John Laing Group ("John Laing") for a cash consideration of £42.54 million.

The assets were acquired under JLEN's First Offer Agreement with John Laing and were funded by a draw-down under the Company's £50 million revolving credit facility.

Branden solar park - acquisition of 64% stake

Branden Solar comprises two separate solar parks located near Bodmin in Cornwall, with a total generating capacity of 14.7MW and is accredited for 2 ROCs. The sites have been operational since June 2013.

Wear Point wind farm - acquisition of 100% stake

Wear Point wind farm is located near Milford Haven in South Wales and comprises four Senvion MM82 turbines with a total generating capacity of 8.2MW and is accredited for 0.9 ROCs. The site has been operational since June 2014.

Carscreugh wind farm - acquisition of 100% stake

Carscreugh wind farm is located near Glenluce in Dumfries and Galloway, Scotland and comprises 18 Gamesa G52 turbines with a total generating capacity of 15.3MW and is accredited for 0.9 ROCs. The site has been operational since June 2014.

These acquisitions bring the total capacity of the renewable energy assets in the JLEN Portfolio to 107.1MW.

Richard Morse, Chairman of JLEN, said:

"We are pleased to announce our first acquisitions since our successful IPO twelve months ago. These will increase our portfolio to ten investments operating across 13 individual sites. In addition to increasing the number and diversity of the Company's projects, these acquisitions demonstrate the value of our First Offer Agreement with John Laing."

Ends

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

 

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