John Laing Environmental Assets Grp Acquisition (2273S)
22 Juni 2018 - 9:15AM
UK Regulatory
TIDMJLEN
RNS Number : 2273S
John Laing Environmental Assets Grp
22 June 2018
22 June 2018
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Further Investment in
Vulcan Renewables anaerobic digestion plant
JLEN, the listed environmental infrastructure fund, is pleased
to announce a further investment in the Vulcan Renewables anaerobic
digestion (AD) plant. The investment consists of provision of
funding of c.GBP8.5m to significantly expand the AD plant's
biomethane generating capacity.
Vulcan Renewables Ltd was acquired by the Company in August
2017. The AD plant is located in Hatfield Woodhouse, 9 miles north
east of Doncaster, South Yorkshire and was commissioned in October
2013. It has a current capacity of 5MW(th) and predominantly
produces biomethane. In addition, the plant also has a 0.5MW(e) CHP
engine and is accredited under the Renewable Heat Incentive (RHI)
and Feed-in-Tariff (FiT).
The plant extension will be carried out by Future Biogas, JLEN's
business partner in the AD sector and current service provider at
the Vulcan site. The works involve converting the existing storage
tank to a primary digester, providing for separate digestate
storage, installing an additional biomethane upgrading unit,
together with associated engineering, electrical and civil works.
The construction works are expected to complete in late 2019.
Operations will continue throughout this period with no expectation
of significant downtime.
This further investment in the Vulcan Renewables AD plant will
be funded by a draw-down under the Company's revolving credit
facility.
Richard Morse, the JLEN Chairman, said "We are pleased with our
initial investments in the anaerobic digestion sector, and this
expansion project is a good opportunity to build out our capability
at the Vulcan Renewables AD plant. It represents our first
investment in a construction project, and we have taken care to
understand and limit the risks involved, including through the
choice of Future Biogas as our delivery partner. We are looking
forward to a successful delivery and enhanced revenues once
completed."
For further details contact:
John Laing Capital Management Limited 020 7901 3559
Chris Tanner
Chris Holmes
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
LEI: 213800JWJN54TFBMBI68
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END
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