Acquisition and Credit Facility Extension
22 July 2016
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Acquisition of wind farms and extension of Revolving Credit Facility
JLEN is pleased to announce the acquisition of New Albion Wind Farm from John Laing Group plc ("John Laing") for a cash consideration, including working capital, of £11.8 million.
New Albion Wind Farm is located near Kettering, Northamptonshire and comprises seven Senvion MM92 turbines with a total generating capacity of 14.4MW and is accredited for 0.9 ROCs. The site has been operational since January 2016.
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.
On 11th May, JLEN announced its agreement to acquire 100% of the 4MW Parc Éolien Le Placis Vert Wind Farm in Brittany, France. The acquisition reached completion on 4th July for a cash consideration of €2.5 million.
These acquisitions bring the total capacity of the renewable energy assets in the JLEN portfolio to 173.4MW.
Ends
For further details contact:
|
John Laing Capital Management Limited Chris Tanner David Hardy
|
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
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