Acquisition

RNS Number : 8956K

John Laing Environmental Assets Grp

19 December 2018

 

19 December 2018

John Laing Environmental Assets Group Limited

("JLEN" or the "Company")

Acquisition of anaerobic digestion plant

JLEN, the listed diversified environmental infrastructure fund, is pleased to announce the acquisition of an anaerobic digestion (AD) asset, Biogas Meden Limited, for a consideration of £16.2 million which is subject to a post-completion working capital adjustment.

JLEN now has a portfolio of six AD projects and the total capacity of the renewable energy assets in the JLEN investment portfolio now stands at 279.2 MW.

The AD plant is located around 25 miles southeast of Sheffield, South Yorkshire, and was commissioned in March 2016. The plant has a thermal capacity of c. 5MWth and predominantly produces biomethane to be injected to the national gas grid.

The plant also has a 0.4 MWe CHP engine and is accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT) schemes. The AD plant has been acquired from a subsidiary of BayWa r.e Renewable Energy GmbH. Future Biogas Limited will provide management, operations and maintenance services to the AD plants after the acquisition.

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

Richard Morse, Chairman of JLEN, said:

"This latest acquisition takes the Company's portfolio beyond £500m and delivers on the Company's recent ambition to further diversify its portfolio into the bioenergy sector. We are pleased to add another high-quality asset to our growing and well-diversified portfolio and to also see our partnership with Future Biogas continue."

For further information, please contact:

John Laing Capital Management Limited Chris Tanner Chris Holmes	[phone]
Winterflood Investment Trusts  Neil Langford Chris Mills	[phone]
Newgate Communications Elisabeth Cowell Ian Silvera Tom Carnegie	[phone]

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

LEI: 213800JWJN54TFBMBI68

 

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