John Laing surges past investment guidance with wind farm purchase
John Laing Group
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17:04 21/09/21
Originator, active investor and manager of infrastructure projects John Laing Group announced a further wind farm investment in the state of Texas, and its third investment in the renewable energy sector in the US on Friday.
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The FTSE 250 company said it was investing $85m (£63m) by acquiring from Akuo Energy the majority of the equity interests in the partnership which controls the 149MW Rocksprings wind farm project.
It said the wind farm was located in Val Verde County, Texas and benefitted from power purchase agreements with two investment-grade corporate off-takers.
As announced in John Laing's interim results on 24 August, investment commitments for 2017 to date are £159m, the board confirmed.
Taking into account the Rocksprings investment, commitments would increase to £222m, exceeding the guidance of approximately £200 million for the full year.
Looking ahead to the rest of 2017, as it had previously announced, John Laing's consortium was appointed preferred bidder in July for the Melbourne Metro PPP project.
Assuming that project reaches financial close in late 2017 as currently anticipated, the group's investment commitments for 2017 would also increase accordingly.
Its board said a further update would be given nearer the time.
“It has been an active year so far for investments and we are pleased to have already delivered our guidance of £200m of investment commitments in 2017,” said John Laing CEO Olivier Brousse.
“We continue to have a strong pipeline of attractive investment opportunities with our consortium appointed as preferred bidder for the Melbourne Metro project which we anticipate will close in late 2017.”