Acquisition

RNS Number : 9902X

John Laing Environmental Assets Grp

16 August 2018

 

16 August 2018

JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED

("JLEN" or the "Company")

Acquisition of an anaerobic digestion plant  

JLEN, the listed environmental infrastructure fund, is pleased to announce the acquisition of an anaerobic digestion (AD) asset, Merlin Renewables Limited for a total consideration, including working capital, of c. £18.1 million.

The Merlin AD plant is located in Hibaldstow, North Lincolnshire and was commissioned in September 2014. The plant has a thermal capacity of c.5MW_th and predominantly produces biomethane to be injected to the national gas grid. In addition, the plant also has a 0.5MW_e CHP engine and is accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT) schemes. The AD plant has been acquired from Venture Capital Funds managed by Downing LLP and minority shareholders. Future Biogas Limited will continue to provide management, operations and maintenance services to the AD plants after the acquisition.

The acquisition builds on JLEN's growing portfolio of four AD projects and brings the total capacity of the renewable energy assets in the JLEN investment portfolio to 274.2MW.

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

Richard Morse, the JLEN Chairman, said "This latest acquisition further underlines the commitment JLEN has to diversifying its portfolio and the value it places in the anaerobic digestion sector. We are pleased to see our partnership with Future Biogas continues to strengthen across a portfolio of four projects together."

For further details contact:

John Laing Capital Management Limited                                         020 7901 3559

Chris Tanner

Chris Holmes

Winterflood Investment Trusts                                                           020 3100 0000

Joe Winkley

Neil Langford

Redleaf Polhill                                                                                         020 7382 4769

Charlie Geller

Harriet Lynch

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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