22nd Jul 2016 07:29
LONDON (Alliance News) - John Laing Environmental Assets Group Ltd Friday said it has acquired the New Albion wind farm using funds from its revolving credit facility, which has also been increased by its lender.
The wind farm is located in Kettering and is being purchased from John Laing Group PLC for a cash consideration of GBP11.8 million, including working capital. The farm as a generating capacity of 14.4 megawatts and has been operational since the start of this year.
John Laing Environmental has funded the acquisition using its revolving credit facility that was originally secured back in October 2014. Originally, the facility was worth GBP50.0 million but was increased to GBP65.0 million in March this year.
John Laing Environmental said the facility has now been increased yet again to GBP75.0 million.
John Laing Environmental said the acquisition of the 4.0 megawatt Parc Eolien Le Placis Vert wind farm in France as been completed, purchasing the farm for EUR2.5 million.
The company now has 173.4 megawatts of generating capacity following the acquisitions, John Laing Environmental said.
John Laing Environmental shares were untraded on Friday morning, last trading at 102.75 pence per share whilst John Laing Group shares were up 0.7% to 221.60 pence.
By Joshua Warner; [email protected]; @JoshAlliance
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