John Laing Environmental Assets (JLEN) is paying £38.2 million in cash for the 13-turbine Dungavel Wind Farm, which has been operating since October.
The purchase of the 26 megawatt facility, originally commissioned by German power supplier E.on, takes the total capacity of the renewable energy assets in JLEN’ portfolio to 155 MW.
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.”
John Laing has sold a number of assets to JLEN since the fund floated in March 2014. Its investments arm owns about 7 per cent of JLEN, with the John Laing Pension Trust holding a further 21.3 per cent.
JLEN also said today that it does not expect any “material change” to its operations following last week’s Brexit vote, although its board will continue to monitor political developments.
It added: “JLEN generates over 99 per cent of its revenues in the UK and its assets all have long-term subsidy support under the UK’s stable regulatory framework for renewables or benefit from long-term contracts with government bodies.”