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Bids, Mergers and Takeovers

JLEN acquires New Albion Wind Farm

22 July 2016 07:13

John Laing Environmental Assets (JLEN) acquired New Albion Wind Farm from John Laing for a cash consideration, including working capital, of £11.8 million.

New Albion Wind Farm is located near Kettering, Northamptonshire and comprises seven Senvion MM92 turbines with a total generating capacity of 14.4MW and is accredited for 0.9 ROCs.

The site has been operational since January 2016.

The acquisition was agreed in accordance with the First Offer Agreement between John Laing and JLEN, and was funded by a draw-down under the Company's revolving credit facility.

This facility, originally secured in October 2014 at a level of £50 million and extended to £65 million in March 2016, has been further increased in July 2016, on the same terms, to £75 million, reflecting the increased asset base of the Company following the recent equity fundraising.

On 11 May, JLEN announced its agreement to acquire 100% of the 4MW Parc Eolien Le Placis Vert Wind Farm in Brittany, France. The acquisition reached completion on 4 July for a cash consideration of €2.5 million.

These acquisitions bring the total capacity of the renewable energy assets in the JLEN portfolio to 173.4MW.

Story provided by StockMarketWire.com

Related Company: JLEN

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