17th Mar 2016 09:35
LONDON (Alliance News) - John Laing Environmental Assets Group Ltd said Thursday it has purchased Pylle Southern Solar Park in Somerset, using funds from a draw-down of its revolving credit facility.
John Laing Environmental said it has bought the solar park for GBP6.1 million from developers Green Nation and the park's founding shareholders. John Laing Environmental said commissioning of Pylle Southern completed in December 2015, and the park has a capacity of 4.99 megawatts.
The group noted the park will benefit from the UK feed-in tariff, which is a scheme designed by the government to encourage uptake of small-scale renewable and low-carbon electricity generation technologies.
The acquisition was funded by a draw-down under John Laing Enviromental's revolving credit facility. The company said the facility was originally secured in October 2014 at a level of GBP50.0 million with HSBC And NIBC, and on Thursday said it has been extended, on the same terms, to GBP65.0 million.
Shares in John Laing Environmental were flat at 99.73 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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