Solar Acquisitions

RNS Number : 7445U

John Laing Environmental Assets Grp

31 July 2015

 

31 July 2015

JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED

("JLEN" or the "Company")

 Acquisition of Branden and Monksham solar parks

JLEN is pleased to announce the acquisition of interests in two solar projects for a total cash consideration of £20.37 million including working capital.

Monksham Solar

Monksham Solar is located near Frome in Somerset, with a total generating capacity of 10.7MW and is accredited for 1.6 ROCs. JLEN has purchased the entirety of 'B' shares plus other economic interests from the founding shareholders and Green Nation, the developers of the park. JLEN will take over operational management of the project. JLEN has also provided a loan to the project to repay construction finance. The 'A' shareholders, investors under the Enterprise Investment Scheme, remain invested in the project.

Branden Solar  

In March 2015, JLEN acquired a 64% stake in Branden Solar which 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. The Company has now acquired the remaining 36% stake under its First Offer Agreement with John Laing.

The acquisition prices for both assets reflect the recent budgetary changes and the removal of the Climate Change Levy exemption for renewable electricity. The assets are also unaffected by recent DECC announcements regarding proposed changes to the Renewables Obligation that may impact future solar development.  The acquisitions were funded using the net issue proceeds from the recent fundraising and, following the repayment of amounts drawn on the Company's revolving credit facility, the net issue proceeds have been fully invested. These acquisitions bring the total capacity of the renewable energy assets in the JLEN portfolio to 103.1MW.

Richard Morse, Chairman of JLEN, said:

"It is pleasing to have been able to deliver these acquisitions shortly after completing a successful fundraising.  They demonstrate the Company's ability to acquire assets from parties other than John Laing in parallel with the continuing successful operation of our First Offer Agreement with John Laing.  Passing the 100MW mark is also a significant milestone for the Company."

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

 

END

 

 

ACQBBGDRDSXBGUB