John Laing Environmental Assets acquires Kettering wind farm for £11.8m

John Laing Environmental Assets has announced that it has acquired New Albion Wind Farm from John Laing Group plc for a cash consideration of £11.8m, including working capital. New Albion Wind Farm is located near Kettering, Northamptonshire and comprises seven Senvion MM92 turbines with a total generating capacity of 14.4MW. The site has been operational since January 2016 and is accredited for 0.9 ROCs.

John Laing Environmental Assets says that the acquisition was agreed in accordance with the First Offer Agreement between itself and John Laing Group Plc. The purchase was funded by a draw-down under the Company’s revolving credit facility. The company says that this facility, originally secured in October 2014 at a level of £50m and extended to £65m in March 2016, has been further increased in July 2016 to £75m. They say that the terms are unchanged and that this reflects the increased asset base of the Company following the recent equity fundraising.

This latest purchase follows on from the company’s announcement, on 11th May, that it had agreed to acquire 100% of the 4MW Parc Éolien Le Placis Vert Wind Farm in Brittany, France. The company says that this acquisition reached completion on 4th July for a cash consideration of €2.5m and that these acquisitions bring the total capacity of the renewable energy assets, in its portfolio, to 173.4MW.

John Laing Environmental Assets acquires Kettering wind farm for £11.8m : JLEN