John Laing Environmental Assets Group (JLEN) has recently announced the acquisition of three projects from John Laing Group for a cash consideration of £42.54 million.
The assets were acquired under JLEN's First Offer Agreement with John Laing and were funded by a draw-down under the company's £50 million revolving credit facility.
Branden solar park - acquisition of 64% stake
Branden Solar 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.
Wear Point wind farm - acquisition of 100% stake
Wear Point wind farm is located near Milford Haven in South Wales and comprises four Senvion MM82 turbines with a total generating capacity of 8.2MW and is accredited for 0.9 ROCs. The site has been operational since June 2014.
Carscreugh wind farm - acquisition of 100% stake
Carscreugh wind farm is located near Glenluce in Dumfries and Galloway, Scotland and comprises 18 Gamesa G52 turbines with a total generating capacity of 15.3MW and is accredited for 0.9 ROCs. The site has been operational since June 2014.
These acquisitions bring the total capacity of the renewable energy assets in the JLEN Portfolio to 92.4MW.
Richard Morse, Chairman of JLEN, said:
"We are pleased to announce our first acquisitions since our successful IPO twelve months ago. These will increase our portfolio to ten investments operating across 13 individual sites. In addition to increasing the number and diversity of the Company's projects, these acquisitions demonstrate the value of our First Offer Agreement with John Laing."