John Laing Environmental Assets Group (JLEN) has completed the acquisition of four operating solar farms with a total generating capacity of 33.5MW for just £12.2 million from sPower Holdings, buying up its entire portfolio of UK projects.
The oldest of the sites in the CSGH Solar portfolio, the 4.92MW Higher Tregarne project in Cornwall, has been operational since March 2014 and is accredited for 1.6 ROCs. The others – Crugmore (7.5MW), Golden Hill (6.26mw) and Shoals Hook (14.79MW) – are located in south wales and have been operational since March 2015, accredited for 1.4 ROCs.
The acquisition was funded by a draw-down under the Company's revolving credit facility and brings the total capacity of the renewable energy assets in the JLEN portfolio to 225.2 MW.
The portfolio acquisition follows JLEN’s fundraising earlier this year when it conducted a bookbuilding exercise to raise £25 million.