John Laing Environmental Assets Grp Acquisition (3558S)
17 März 2016 - 8:00AM
UK Regulatory
TIDMJLEN
RNS Number : 3558S
John Laing Environmental Assets Grp
17 March 2016
17 March 2016
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Acquisition of Pylle Southern Solar Park and extension of
Revolving Credit Facility
JLEN, the listed environmental infrastructure fund, is pleased
to announce the acquisition of Pylle Southern Solar Park for a
total consideration, including working capital, of GBP6.1
million.
Commissioning of Pylle Southern Solar, located near Shepton
Mallet in Somerset, was completed in December 2015 and it has a
total generating capacity of 4.99MW. The Solar Park will benefit
from the UK feed-in tariff for 20 years from the date of
commissioning. This tariff is linked to an annual increase in the
UK Retail Price Index. The electricity price assumptions
underpinning the project are based on export tariff levels in the
short term, and over the long term are in line with JLEN's current
view on electricity prices. JLEN has purchased the entirety of the
shares from the founding shareholders and Green Nation, the
developers of the park. Green Nation was also responsible for the
development of the Monksham Solar Park in which the Company
invested in July 2015.
The acquisition was funded by a draw-down under the Company's
revolving credit facility. This facility, originally secured in
October 2014 at a level of GBP50 million, has been extended, on the
same terms, to GBP65 million.
For further details contact:
John Laing Capital Management Limited 020 7901 3559
David Hardy
Chris Tanner
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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