John Laing Group plc Divestment Update (1666H)
March 23 2020 - 2:00AM
UK Regulatory
TIDMJLG
RNS Number : 1666H
John Laing Group plc
23 March 2020
MONDAY 23 MARCH
DIVESTMENT UPDATE
John Laing Group plc ("John Laing" or "the Group"), the
international active investor and partner behind responsible
infrastructure, is pleased to announce that it has entered into
purchase and sale agreement for its French wind portfolio.
The French wind portfolio consists of three assets - Pasilly,
Sommette and St Martin, with a total capacity of in excess of 50MW.
Having taken the assets through the final stages of construction
and into steady state operations, the Group has now agreed to sell
the portfolio to Greencoat Renewables PLC.
The total purchase price is slightly ahead of the Group's latest
valuation and the transaction is expected to complete in the second
quarter of 2020, subject to customary consents and regulatory
approvals.
Update on COVID-19
We continue to prioritise the wellbeing and safety of our
employees and partners. To date, we believe the impact of COVID-19
on our portfolio has been limited. We continue to work hard with
our partners in what is a rapidly evolving situation and are
monitoring developments closely. We will provide further updates as
appropriate.
Luciana Germinario, John Laing's Chief Financial Officer,
commented:
'Following the recent divestment of our interest in the
Buckthorn Wind farm in the US, we are pleased to announce today the
sale of our French wind farms after a competitive sale process. We
have a portfolio of high-quality assets becoming available for sale
over the next two years. While the impact of recent events on
secondary markets remains to be seen, the strength of our balance
sheet means we are well positioned to maximise value.'
Further information:
Analyst / Investor Enquiries:
Kellie McAvoy, Head of Investor
Relations + 44 (0) 20 7901 3200
+ 44 (0) 7923 249298
Media Enquiries: Teneo + 44 (0) 20 7420 3186
Camilla Cunningham +44 (0) 7464 982426
Matt Denham +44 (0) 7825 735596
JohnLaing@teneo.com
ENDS
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END
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