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JLEN Environmental Assets Group is an Investment Trust

To provide shareholders with a sustainable dividend, that increases progressively in line with inflation, and to preserve the capital value of its portfolio on a real basis over the long term through the reinvestment of cash flows.

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Acquisition - Replacement

1 Apr 2015 11:24

RNS Number : 1729J
John Laing Environmental Assets Grp
01 April 2015
 



1 April 2015

 

The following amendment has been made to the Acquisition of Branden solar park and Carscreugh and Wear Point wind farms announcement released on 1 April 2015 at 07:00 under RNS No 0871J.

 

The total capacity of the renewable energy assets in the JLEN Portfolio should have read 92.4MW and not 107.1MW.

 

All other details remain unchanged.

 

The full amended text is shown below.

 

 

1 April 2015

 

JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED

("JLEN" or the "Company")

 

 Acquisition of Branden solar park and Carscreugh and Wear Point wind farms

 

JLEN is pleased to announce the acquisition of three projects from John Laing Group ("John Laing") for a cash consideration of £42.54 million.

 

The assets were acquired under JLEN's First Offer Agreement with John Laing and were funded by a draw-down under the Company's £50 million revolving credit facility.

 

Branden solar park - acquisition of 64% stake

Branden Solar comprises two separate solar parks located near Bodmin in Cornwall, with a total generating capacity of 14.7MW and is accredited for 2 ROCs. The sites have been operational since June 2013.

 

Wear Point wind farm - acquisition of 100% stake

Wear Point wind farm is located near Milford Haven in South Wales and comprises four Senvion MM82 turbines with a total generating capacity of 8.2MW and is accredited for 0.9 ROCs. The site has been operational since June 2014.

 

Carscreugh wind farm - acquisition of 100% stake

Carscreugh wind farm is located near Glenluce in Dumfries and Galloway, Scotland and comprises 18 Gamesa G52 turbines with a total generating capacity of 15.3MW and is accredited for 0.9 ROCs. The site has been operational since June 2014.

 

These acquisitions bring the total capacity of the renewable energy assets in the JLEN Portfolio to 92.4MW.

 

Richard Morse, Chairman of JLEN, said:

"We are pleased to announce our first acquisitions since our successful IPO twelve months ago. These will increase our portfolio to ten investments operating across 13 individual sites. In addition to increasing the number and diversity of the Company's projects, these acquisitions demonstrate the value of our First Offer Agreement with John Laing."

 

 

 

Ends

 

For Further Details Contact:

John Laing Capital Management Limited

David Hardy

Chris Tanner

 

020 7901 3559

Redleaf Polhill

Rebecca Sanders-Hewett

Charlie Geller

020 7382 4769

 

 

 

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

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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