John Laing Environmental has announced the acquisition of Dungavel Wind Farm from John Laing Group for a cash consideration, including working capital, of GBP38.2 million.
Dungavel Wind Farm is located in South Lanarkshire, South-West Scotland and comprises 13 Vestas 2MW V80 turbines with a total generating capacity of 26MW and is accredited for 0.9 ROCs. The site has been operational since October 2015.
The acquisition was funded by a draw-down under the Company’s GBP65 million revolving credit facility, and was agreed in accordance with the First Offer Agreement between John Laing and John Laing Environmental. It brings the total capacity of the renewable energy assets in the John Laing Environmental portfolio to 155 MW.
John Laing Environmental also notes the outcome of the referendum on the UK’s membership of the EU. The Company does not expect any material change to its operations as a result of the UK exiting the EU, although the Board will continue to monitor political developments. John Laing Environmental generates over 99% of its revenues in the UK and its assets all have long term subsidy support under the UK’s stable regulatory framework for renewables or benefit from long-term contracts with government bodies.
JLEN : John Laing Environmental buying Dungavel wind farm