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29 Aug 2017 07:00
29 August 2017
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Acquisition of Vulcan Renewables Anaerobic Digestion plant
JLEN, the listed environmental infrastructure fund, is pleased to announce the acquisition of Vulcan Renewables Ltd for a total consideration, including working capital, of £15.3 million.
The acquisition, in partnership with experienced operator Future Biogas Ltd, is the Company's first investment in the anaerobic digestion sector, further diversifying the Company's portfolio of environmental infrastructure projects including, wind, solar, waste and wastewater. Vulcan Renewables has been acquired from Venture Capital Trusts managed by Downing LLP having provided the original funding into the business in 2012.
The plant, located in Hatfield Woodhouse near Doncaster, was commissioned in October 2013, and was one of the first commercial biogas-to-grid projects in the UK. It has a capacity of 5MWth and predominantly produces biomethane. In addition, the plant also has a 0.5MWe CHP engine and is accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT).
This acquisition brings the total capacity of the renewable energy assets in the JLEN portfolio to 230.2 MW.
The acquisition was funded by a draw-down under the Company's revolving credit facility.
Richard Morse, the Chairman of JLEN, said "We are pleased to make our first investment in the anaerobic digestion sector through Vulcan Renewables, a project with a proven operational history. With its RPI-linked RHI and FiT revenue streams, the project adds to the diversification of the JLEN portfolio."
For further details contact:
John Laing Capital Management Limited 020 7901 3559
Chris Tanner
David Hardy
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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