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17 Mar 2016 07:00
17 March 2016
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Acquisition of Pylle Southern Solar Park and extension of Revolving Credit Facility
JLEN, the listed environmental infrastructure fund, is pleased to announce the acquisition of Pylle Southern Solar Park for a total consideration, including working capital, of £6.1 million.
Commissioning of Pylle Southern Solar, located near Shepton Mallet in Somerset, was completed in December 2015 and it has a total generating capacity of 4.99MW. The Solar Park will benefit from the UK feed-in tariff for 20 years from the date of commissioning. This tariff is linked to an annual increase in the UK Retail Price Index. The electricity price assumptions underpinning the project are based on export tariff levels in the short term, and over the long term are in line with JLEN's current view on electricity prices. JLEN has purchased the entirety of the shares from the founding shareholders and Green Nation, the developers of the park. Green Nation was also responsible for the development of the Monksham Solar Park in which the Company invested in July 2015.
The acquisition was funded by a draw-down under the Company's revolving credit facility. This facility, originally secured in October 2014 at a level of £50 million, has been extended, on the same terms, to £65 million.
For further details contact:
John Laing Capital Management Limited 020 7901 3559
David Hardy
Chris Tanner
Winterflood Investment Trusts 020 3100 0000
Joe Winkley
Neil Langford
Redleaf Polhill 020 7382 4769
Charlie Geller
Harriet Lynch
About JLEN
JLEN's investment policy is to invest in environmental infrastructure projects that have the benefit of long-term, predictable, wholly or partially inflation-linked cash flows supported by long-term contracts or stable regulatory frameworks.
Environmental Infrastructure is defined by the Company as infrastructure projects that utilise natural or waste resources or support more environmentally-friendly approaches to economic activity. This could involve the generation of renewable energy (including solar, wind, hydropower and biomass technologies), the supply and treatment of water, the treatment and processing of waste, and projects that promote energy efficiency.
Further details of the Company can be found on its website www.jlen.com
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