John Laing Environmental Assets acquire wind farm
JLEN has aquired the New Albion Wind Farm from John Laing Group for a cash consideration, including working capital, of £11.8 million (US$15.5 million).
New Albion Wind Farm is located near Kettering, Northamptonshire (UK) and comprises seven wind turbines and the wind turbine technology, hubs, blades and a full 15-year service package will be provided by Senvion SE. Each MM82 wind turbine will have an installed generating capacity of 2.05MW. The overall height of the turbines will be 100m. The MM82 is the same turbine model that John Laing installed at its Bilsthorpe and Wear Point Wind farms, both of which reached financial close during 2012.
All generated power is being sold to Statkraft under a 15 year Power Purchase Agreement.
John Laing acquired the New Albion Wind Farm from wind developers, Infinergy in August 2014 after planning consent had been received from Kettering Borough Council in 2010.
The acquisition was agreed in accordance with the First Offer Agreement between John Laing and JLEN, and was funded by a draw-down under the company's revolving credit facility. This facility, originally secured in October 2014 at a level of £50 million and extended to £65 million in March 2016, has been further increased in July 2016, on the same terms, to £75 million, reflecting the increased asset base of the company following the recent equity fundraising.
