John Laing Environmental Assets Grp Acquisition (7136C)
30 Juni 2016 - 8:00AM
UK Regulatory
TIDMJLEN
RNS Number : 7136C
John Laing Environmental Assets Grp
30 June 2016
30 June 2016
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Acquisition of a UK onshore wind farm
JLEN is pleased to announce the acquisition of Dungavel Wind
Farm from John Laing Group plc ("John Laing") for a cash
consideration, including working capital, of GBP38.2 million.
Dungavel Wind Farm is located in South Lanarkshire, South-West
Scotland and comprises 13 Vestas 2MW V80 turbines with a total
generating capacity of 26MW and is accredited for 0.9 ROCs. The
site has been operational since October 2015.
The acquisition was funded by a draw-down under the Company's
GBP65 million revolving credit facility, and was agreed in
accordance with the First Offer Agreement between John Laing and
JLEN. It brings the total capacity of the renewable energy assets
in the JLEN portfolio to 155 MW.
JLEN also notes the outcome of the referendum on the UK's
membership of the EU. The Company does not expect any material
change to its operations as a result of the UK exiting the EU,
although the Board will continue to monitor political developments.
JLEN generates over 99% of its revenues in the UK and its assets
all have long term subsidy support under the UK's stable regulatory
framework for renewables or benefit from long-term contracts with
government bodies.
Richard Morse, Chairman of JLEN, said:
"We are pleased to announce the acquisition of the Dungavel Wind
Farm, as we continue to grow the JLEN portfolio. UK environmental
infrastructure projects are able to pay an attractive risk-adjusted
yield in the current environment with good inflation linkage. The
acquisition also demonstrates the continuing value of our First
Offer Agreement with John Laing."
Ends
For Further Details Contact:
John Laing Capital Management
Limited
David Hardy
Chris Tanner 020 7901 3559
Redleaf Communications
Charlie Geller
Sam Modlin 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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