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(Alliance News) - Infrastructure investor John Laing Group PLC said Monday it has agreed to the divestment of its French wind portfolio to Dublin-based renewable infrastructure firm Greencoat Renewables PLC.
Greencoat itself announced the acquisition of the assets for EUR30.3 million.
The portfolio comprises three assets, which are the Pasilly, Sommette and St Martin wind assets, with a total capacity of 51.9 megawatts.
The portfolio will come with 16-year long term fixed rate project finance and have an overall net enterprise value of EUR95 million. The acquisition will bring Greencoat's total installed capacity base to 528.1 megawatts.
The deal is conditional on French regulatory approval, and will be funded by Greencoat's EUR380 million credit facility.
Concerning Covid-19, London-based John Laing said the impact of the virus on its portfolio has been limited.
"Following the recent divestment of our interest in the Buckthorn Wind farm in the US, we are pleased to announce today the sale of our French wind farms after a competitive sale process. We have a portfolio of high-quality assets becoming available for sale over the next two years," said Luciana Germinario, chief financial officer of John Laing.
"Consistent with our long-term strategy, we are pleased to be making our first investment into the French wind market. The assets benefit from France's stable regulatory regime, with the fixed-price Feed-in-Tariff guaranteeing power prices for the next 12.3 years," said Bertrand Gautier, investment manager of Greencoat Renewables.
Shares in John Laing were down 1.7% at 293.80 pence on Monday in London, while Greencoat Renewables was down 5.2% at EUR1.03 .
By Dayo Laniyan; dayolaniyan@alliancenews.com
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