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2 Feb 2018 07:00
2 February 2018
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Investment in Icknield Farm Anaerobic Digestion plant
JLEN, the listed environmental infrastructure fund, is pleased to announce an investment in the Icknield Farm anaerobic digestion (AD) plant. The investment consists of the provision of a debt facility to repay existing loans and acquisition of a minority equity stake from private individuals who were the project's developers for an aggregate amount of c.£11m.
The Icknield Farm AD plant, located in Ipsden, South Oxfordshire, was commissioned in December 2014. The plant has a capacity of c.5MW and predominantly produces biomethane exported to the national gas grid. In addition, the plant also has a 0.4MW CHP engine and is accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT).
The Icknield Farm AD plant is JLEN's second investment in the AD sector, building upon the recent acquisition of the Vulcan AD plant, to establish a growing portfolio of AD assets and further diversify the Company's portfolio of environmental infrastructure projects including, wind, solar, waste and wastewater.
This acquisition brings the total capacity of the renewable energy assets in the JLEN portfolio to 259.2MW.
The acquisition was funded by a draw-down under the Company's revolving credit facility and from internal cash resources.
Richard Morse, the JLEN Chairman, said "We are pleased to make a further investment in the anaerobic digestion sector through the Icknield Farm AD plant, which has a proven operational history. The AD sector is attractive to JLEN due to the high proportion of inflation-linked revenues backed by government subsidy regimes, and we look forward to working with our partners in the sector."
For further details contact:
John Laing Capital Management Limited 020 7901 3559
Chris Tanner
Chris Holmes
Winterflood Investment Trusts 020 3100 0000
Joe Winkley
Neil Langford
Redleaf Polhill 020 7382 4769
Charlie Geller
Ian Silvera
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
LEI: 213800JWJN54TFBMBI68
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