John Laing Enviro Assets buys 26-MW Scottish wind farm from John Laing

John Laing Environmental Assets Group Ltd (LON:JLEN) today said it has acquired a 26-MW wind farm in Scotland from John Laing Group plc (LON:JLG).

The London-listed environmental infrastructure fund purchased the Dungavel wind farm for GBP 38.2 million (USD 51.1m/EUR 46.1m), including working capital, as part of its First Offer Agreement with John Laing.

Located in South Lanarkshire, southwestern Scotland, the wind farm has been operational since October 2015 and is accredited for 0.9 Renewables Obligation Certificates (ROCs). It consists of 13 Vestas 2-MW V80 turbines.

JLEN funded the acquisition by a draw-down under its GBP-65-million revolving credit facility. Dungavel increases the total capacity of its renewable energy assets to 155 MW.

The fund also said it did not expect any material change to its operations as a result of the UK leaving the EU.

"UK environmental infrastructure projects are able to pay an attractive risk-adjusted yield in the current environment with good inflation linkage. The acquisition also demonstrates the continuing value of our First Offer Agreement with John Laing," said JLEN chairman Richard Morse.

(GBP 1.0 = USD 1.338/EUR 1.206)

Choose your newsletter by Renewables Now. Join for free!