5th Oct 2018 10:40
LONDON (Alliance News) - John Laing Group PLC said Friday it invested in renewable energy projects in Australia and the US.
The company invested AUD108.6 million for a 90% stake in the 255 mega watt peak Sunraysia Solar Farm in New South Wales, Australia, where construction is due to start later this year and end by the fourth quarter of 2019.
"This is John Laing's first solar investment in Australia, adding to the four wind farms in the Australian renewable energy portfolio," the company said.
It added: "By investing at the pre-construction stage, John Laing is able to add value as the contractual arrangements for the solar farm, which will determine its future revenue and costs, are finalised."
Furthermore, the firm acquired two utility scale solar projects in North Carolina, US, for a combined investment of USD34.8 million.
John Laing shares were trading down 0.8% at 312.20 pence each.
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