John Laing Environmental Assets acquires wind farm from John Laing
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."
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