16th Aug 2018 11:01
LONDON (Alliance News) - John Laing Environmental Assets Group Ltd announced on Thursday the GBP18.1 million acquisition of an anaerobic digestion company.
JLEN is buying Merlin Renewables Ltd, whose plant is located in Hibaldstow, north Lincolnshire. Merlin Renewables is being bought from funds managed by Downing LLP and other shareholders.
The plant, operated by Future Biogas Ltd, has a thermal capacity of around five megawatts and produces biomethane, which is then injected into the national gas grid.
The deal takes its total renewable energy assets capacity to 274.2 megawatts, and was funded by using its revolving credit facility.
Chairman Richard Morse said: "This latest acquisition further underlines the commitment JLEN has to diversifying its portfolio and the value it places in the anaerobic digestion sector.
"We are pleased to see our partnership with Future Biogas continues to strengthen across a portfolio of four projects together."
Shares were 0.2% up on Thursday at 106.25 pence apiece.
Related Shares:
JLEN.L