John Laing Environmental Assets Grp Solar Acquisitions (7445U)
31 Juli 2015 - 2:00PM
UK Regulatory
TIDMJLEN
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 GBP20.37 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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