John Laing Environmental Assets Group (JLEN) has acquired Dungavel onshore wind farm in South Lanarkshire, Scotland from John Laing Group plc.
The London-listed environmental infrastructure fund has closed the transaction of the wind project for £38.2 million (US$51.1 million). JLEN has financed the acquisition via its £65 million revolving credit facility.
Dungavel has an installed capacity of 26 MW generated by 13 Vestas 2-MW V80 turbines capable of producing enough renewable energy to power over 20,000 homes. The wind farm start commissioning in October 2015.
According to sources, JLEN chairman Richard Morse said:
"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."