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JLEN acquires solar PV portfolio

The John Laing Environmental Asset Group (JLEN) has acquired a solar PV portfolio for a cash consideration, including working capital, of GBP9.7 million.

The fully operational 2.3 MW solar energy generation portfolio comprises 303 systems of residential rooftop, commercial rooftop and commercial ground mounted solar PV installations, distributed across England, Wales and Scotland. The portfolio benefits from the UK feed-in tariff for 25 years from the date of installation of individual systems which is linked to an annual increase in the UK Retail Price Index.
 
The portfolio comprises a number of special purpose companies financed and owned by Venture Capital Trusts managed by Downing LLP and the founding shareholders and developers of the portfolio. JLEN announced the purchase of a similar portfolio comprising 4.2MW of solar assets on 2 November 2015 from the same vendors.
 
The acquisition was funded by a draw-down under the company’s GBP50 million revolving credit facility. 

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