1st Apr 2015 08:50
LONDON (Alliance News) - John Laing Environmental Assets Group Ltd Wednesday said it will acquire the Branden solar park and Carscreugh and Wear Point wind farms for GBP42.5 million in cash from John Laing Group PLC.
The assets have been acquired under John Laing Environmental's first offer agreement with John Laing and were funded by a drawdown of its GBP50 million revolving credit facility.
John Laing Environmental is buying a 64% stake in the Branden solar park, located near Bodmin in Cornwall. The site has a total generating capacity of 14.7 megawatts.
It has also acquired 100% stakes in the two wind farms. Wear Point, located near Milford Haven in south Wales, has a total generating capacity of 8.2 megawatts and Carscreugh, in Dumfries in Scotland, has a capacity of 15.3 megawatts.
"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," said Richard Morse, John Laing Environmental's Chairman.
Shares in John Laing Environmental were down 0.7% to 108.75 pence Wednesday, while John Laing Group shares were up 0.2% to 206.5 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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