19th Jul 2019 10:25
(Alliance News) - John Laing Environmental Assets Group Ltd said Friday it has acquired two operational hydro projects and an operational battery storage system in Yorkshire for GBP4.3 million.
The assets were picked up through the acquisition of Yorkshire Hydropower Holdings Ltd, which owns the rights to the projects.
The projects are a 500-kilowatt single turbine hydro project located on the river Calder, a twin screw 260kW hydro project on the river Don, and a 1.2 megawatt battery in Thybergh, South Yorkshire.
Both hydro projects are accredited under the 20-year Feed-in-Tariff scheme, while the battery storage project is dedicated to a firm frequency response contract.
Firm frequency response is a service provided by energy users to National Grid PLC, which uses approved assets to reduce demand or increase generation in order to help balance the grid.
The acquisition was funded by John Laing's internal cash resources, and will increase the total capacity of renewable energy assets in its investment portfolio to 281.2 megawatts
"We are pleased to make our first investment into two new asset classes in run-of-river hydro and battery storage. These projects have a proven operational history, benefit from strong contractual revenues and broaden the diversification within the JLEN portfolio," said Chair Richard Morse.
Shares in the environmental infrastructure fund were up 0.4% at 122.20 pence on Friday.
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