10th Jan 2022 09:43
(Alliance News) – JLEN Environmental Assets Group Ltd on Monday announced that it has sold its two French onshore wind farms for a total sum of EUR5.9 million.
The environmental infrastructure investment fund will sell the Parc Eolien Le Placis Vert and Energie Eolienne de Plouguernevel, located in Brittany in north-western France and with a combined generating capacity of 8 megawatts, to Volta Developpement.
The EUR5.9 million fee for the wind farms is in-line with the valuation on September 30, JLEN stated, although it represents a 25% uplift to the value of the assets on June 30.
Proceeds from the sale would be used to repay outstanding debts under its revolving credit facility and fund further pipeline projects, JLEN explained.
"We are pleased to have reached an agreement to sell JLEN's French wind assets at an uplift to the valuation prior to the receipt of firm bids," said Chair Richard Morse.
"The board remains open to further selective divestments in the future to recycle capital and to demonstrate the underlying value of JLEN's portfolio of environmental infrastructure assets."
Shares were down 0.3% at 104.34 pence each on Monday morning in London.
By Will Paige; [email protected]
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