John Laing Environmental has published interim results covering the six months ended 30 September 2015. Its NAV of 101.2 pence as at 30 September 2015 was unchanged from 31 March 2015 after adjusting for dividends paid during the period ands despite the impact of the subsidy changes announced in July. The interim dividend was 3.027p, up from 3p.
Two acquisitions in July 2015 for a total of £20.4m, brought the total number of operational sites up to 14 and the capacity of the renewable energy assets in JLEN’s portfolio to 103.1MW. Variable wind conditions (wind speeds in summer were significantly lower than long-term averages) and continued lower wholesale UK electricity prices impacted the returns they made on their wind assets.
They say they are investigating the possible refinancing of the project debt in the wind asset portfolio and hope to complete this, with a beneficial impact, in the next six month period.
JLEN : John Laing Environmental looking at refinancing wind assets