JLG.L Share News (JLG)

(Sharecast News) - John Laing Group has entered into a purchase and sale agreement for its French wind portfolio, it announced on Monday.
The FTSE 250 company said the portfolio consisted of three assets, being Pasilly, Sommette and St Martin, with a total capacity of more than 50MW.

It said that, having taken the assets through the final stages of construction and into steady state operations, it had now agreed to sell the portfolio to Greencoat Renewables.

The total purchase price was "slightly ahead" of the group's latest valuation, with the transaction expected to complete in the second quarter of 2020, subject to customary consents and regulatory approvals.

John Laing also updated shareholders on the impact of the Covid-19 coronavirus pandemic, saying that it was continuing to prioritise the wellbeing and safety of its employees and partners.

The board said that to date, it believed the impact of the pandemic on its portfolio had been "limited".

It said it would continue to work with its partners in the "rapidly evolving" situation, and was monitoring developments closely.

"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," said chief financial officer Luciana Germinario.

"We have a portfolio of high-quality assets becoming available for sale over the next two years.

"While the impact of recent events on secondary markets remains to be seen, the strength of our balance sheet means we are well positioned to maximise value."

At 0940 GMT, shares in John Laing Group were down 1.34% at 295p.