Acquisition

RNS Number : 7557H

John Laing Environmental Assets Grp

02 December 2015

 

2 December 2015

JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED

("JLEN" or the "Company")

 Acquisition of Burton Wold Extension wind farm

JLEN is pleased to announce the acquisition of Burton Wold Extension wind farm from John Laing Group plc ("John Laing") for a cash consideration, including working capital, of £21.8 million.

Burton Wold Extension wind farm is located near Burton Latimer in Northamptonshire and comprises nine General Electric 1.6MW-100 turbines with a total generating capacity of 14.4MW and is accredited for 0.9 ROCs. The site has been operational since September 2014.

This acquisition, which was agreed in accordance with the First Offer Agreement between John Laing and JLEN, brings the total capacity of the renewable energy assets in the JLEN portfolio to 123.9MW.

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

Richard Morse, Chairman of JLEN, said:

"We are pleased to announce this acquisition, completing a busy period for the Company during 2015 in which we have successfully completed seven acquisitions, totalling £113 million, and adding 69MW of capacity to our portfolio. This acquisition also demonstrates the continuing value of our First Offer Agreement with John Laing."

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For Further Details Contact:

John Laing Capital Management Limited David Hardy Chris Tanner	020 7901 3559
Redleaf Polhill Charlie Geller Joanna Brown	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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