John Laing Group plc (LON:JLG), the international active investor and partner behind responsible infrastructure, has this morning announced 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. John Laing Group 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.’
