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John Laing increases FY investment guidance

29 September 2017 08:20

John Laing has made a further renewable energy investment in US and increased its investment guidance.

John Laing said it was investing $85 million by acquiring from Akuo Energy the majority of the equity interests in the partnership which controlled the 149MW Rocksprings wind farm project.

The wind farm is located in Val Verde County, Texas, and benefits from power purchase agreements with two investment grade corporate off-takers.

John Laing said that as announced it its interim results on 24 Aug, investment commitments for 2017 to date were £159 million.

It said that taking into account the Rocksprings investment, commitments would increase to £222m, exceeding the guidance of approximately £200m for the full year.

Looking ahead to the remainder of 2017, it said that as previously announced John Laing's consortium was appointed preferred bidder in July for the Melbourne Metro PPP project.

It said: 'Assuming this project reaches financial close in late 2017 as currently anticipated, the group's investment commitments for 2017 will increase accordingly.'

It said that a further update would be given nearer the time.

Separately, it also issued an update further to the statement issued on 24 Aug which reported that legally-binding heads of terms had been entered into between the Greater Manchester Waste Authority (GMWDA), Manchester Waste VLCo (VLCo), and its shareholders, John Laing and Viridor.

It said the transactions contemplated under these heads of terms, including the acquisition of VLCo by the GMWDA, had now completed.

As part of the transactions, the project finance underlying the two Manchester Waste projects has been repaid.

It said the financial impact on John Laing remained as set out in the statement dated 24 Aug.

At 8:20am: (LON:JLG) John Laing Group Plc share price was +1.7p at 285.3p

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