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Pin to quick picksJohn Laing Share News (JLG)

Share Price Information for John Laing (JLG)

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Share Price: 364.00
Bid: 363.80
Ask: 364.20
Change: -15.80 (-4.16%)
Spread: 0.40 (0.11%)
Open: 372.20
High: 377.40
Low: 359.20
Yest. Close: 379.80
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John Laing To Sell Australian Wind Farm Portfolio For AUD285 Million

Mon, 19th Oct 2020 09:22

(Alliance News) - John Laing Group PLC on Monday said it has agreed to sell its portfolio of Australian wind farm assets to First Sentier Investors for AUD285 million - around GBP155.9 million - before costs.

The FTSE 250-listed infrastructure investor stated the portfolio consists of its interests in six wind assets in South Australia, Victoria and Tasmania with a total capacity of 514 megawatts, in which the company has an aggregate economic interest of 209 megawatts.

John Laing said the sale value represents a small uplift to its book value for the portfolio as at June 30, 2020 and is equivalent to a money multiple on its investment of 1.5 times. As at June-end, the company's total renewable energy portfolio value was GBP417 million.

"We are pleased to have reached agreement to sell our portfolio of wind assets in Australia to FSI. These assets play a strong role in supporting the country's energy transition. This sale is in line with our commitment to realise assets to maximise value for shareholders, and marks an important milestone in our strategy to realise fully our Renewable Energy portfolio over the next two years," said Chief Executive Ben Loomes.

The company added it will pay shareholders around 5% to 10% of gross proceeds received from the sale of investments on an annual basis.

The sale is expected to be completed by early 2021.

Shares in John Laing were trading 0.3% higher at 294.20 pence each on Monday morning in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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