John Laing Environmental Assets has announced the acquisition of Pylle Southern Solar Park, near Shepton Mallet in Somerset, for £6.1m (including working capital). The company has also extended its revolving credit facility from £50m to £65m. Commissioning of the solar park was completed in December 2015 and it has a total generating capacity of 4.99MW. The company says that the solar park will benefit from the UK feed-in tariff for 20 years (from the date of commissioning) with the tariff is linked to an annual increase in the UK Retail Price Index. The transaction was effected through the purchase of all of the shares from the founding shareholders and Green Nation, the developers of the park. The company says that Green Nation was also responsible for the development of the Monksham Solar Park in which it invested in July 2015. The acquisition was funded by a draw-down under the Company’s revolving credit facility, which was originally secured in October 2014. The facility has been extended on the same terms.
John Laing Environmetal acquires Pylle Southern Solar Park for £6.1m : JLEN