John Laing Group plc US Investment & Increased 2017 Investment Guidance (2062S)
September 29 2017 - 1:02AM
UK Regulatory
TIDMJLG
RNS Number : 2062S
John Laing Group plc
29 September 2017
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
John Laing makes further renewable energy investment in US and
increases 2017 investment guidance
John Laing Group plc, the international originator, active
investor and manager of infrastructure projects, is pleased to
announce today a further wind farm investment in the state of Texas
and its third investment in the renewable energy sector in the
US.
John Laing is investing $85 million (GBP63 million) by acquiring
from Akuo Energy the majority of the equity interests in the
partnership which controls the 149MW Rocksprings wind farm project.
The wind farm is located in Val Verde County, Texas and benefits
from power purchase agreements with two investment grade corporate
off-takers.
As announced in John Laing's interim results on 24 August 2017,
investment commitments for 2017 to date are GBP159 million. Taking
into account the Rocksprings investment, commitments will increase
to GBP222 million, exceeding the guidance of approximately GBP200
million for the full year.
Looking ahead to the remainder of 2017, as previously announced
John Laing's consortium was appointed preferred bidder in July 2017
for the Melbourne Metro PPP project. Assuming this project reaches
financial close in late 2017 as currently anticipated, the Group's
investment commitments for 2017 will increase accordingly. A
further update will be given nearer the time.
Olivier Brousse, John Laing's Chief Executive Officer, said:
"It has been an active year so far for investments and we are
pleased to have already delivered our guidance of GBP200m of
investment commitments in 2017. 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."
Further information
Analyst/investor enquiries
Olivier Brousse, Chief
Executive +44 20 7901 3200
Patrick O'D Bourke, Group
Finance Director +44 20 7901 3200
Media Enquiries:
James Isola, Maitland +44 20 7379 5151
This information is provided by RNS
The company news service from the London Stock Exchange
END
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