John Laing Environmental Assets Group (JLEN) has acquired the Pylle Southern solar park for a total consideration of £6.1 million, locking the higher rate of feed-in tariff available last year.
The 4.99MW development located near Shepton Mallet in Somerset was commissioned in December 2015, allowing it benefit from the higher rate for the next 20 years.
JLEN purchased the entirety of the shares from the founding shareholders and Green Nation, the developers of the park. Green Nation was also responsible for the development of the Monksham Solar Park in which JLEN invested in July 2015.
The acquisition was funded by a draw-down under the Company’s revolving credit facility. This facility, originally secured in October 2014 at a level of £50 million, has been extended, on the same terms, to £65 million.
The latest purchase follows a number of acquisitions by JLEN of both ground-mounted and rooftop installations as the infrastructure fund continues to broaden its portfolio. JLEN claimed in November that its diversity of assets had helped it develop a “key strength” and “resilience” against both weather seasonality and unsettled wholesale electricity prices