John Laing Environmental Assets Grp Acquisition (0695P)
29 August 2017 - 8:01AM
UK Regulatory
TIDMJLEN
RNS Number : 0695P
John Laing Environmental Assets Grp
29 August 2017
29 August 2017
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Acquisition of Vulcan Renewables Anaerobic Digestion plant
JLEN, the listed environmental infrastructure fund, is pleased
to announce the acquisition of Vulcan Renewables Ltd for a total
consideration, including working capital, of GBP15.3 million.
The acquisition, in partnership with experienced operator Future
Biogas Ltd, is the Company's first investment in the anaerobic
digestion sector, further diversifying the Company's portfolio of
environmental infrastructure projects including, wind, solar, waste
and wastewater. Vulcan Renewables has been acquired from Venture
Capital Trusts managed by Downing LLP having provided the original
funding into the business in 2012.
The plant, located in Hatfield Woodhouse near Doncaster, was
commissioned in October 2013, and was one of the first commercial
biogas-to-grid projects in the UK. It has a capacity of 5MWth and
predominantly produces biomethane. In addition, the plant also has
a 0.5MWe CHP engine and is accredited under the Renewable Heat
Incentive (RHI) and Feed-in-Tariff (FiT).
This acquisition brings the total capacity of the renewable
energy assets in the JLEN portfolio to 230.2 MW.
The acquisition was funded by a draw-down under the Company's
revolving credit facility.
Richard Morse, the Chairman of JLEN, said "We are pleased to
make our first investment in the anaerobic digestion sector through
Vulcan Renewables, a project with a proven operational history.
With its RPI-linked RHI and FiT revenue streams, the project adds
to the diversification of the JLEN portfolio."
For further details contact:
John Laing Capital Management Limited 020 7901 3559
Chris Tanner
David Hardy
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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