John Laing Environmental Assets buys solar PV portfolio for GBP18.8m

John Laing Environmental Assets Group has bought an unspecified large solar photovoltaic portfolio for a cash consideration of £18.8m, which will be funded by a draw-down under the company’s £50m revolving credit facility.

The infrastructure fund said the fully-operational 4.2 megawatt peak solar energy generation portfolio comprises 796 systems of residential rooftop, commercial rooftop and commercial ground mounted solar PV installations across England, Wales and Scotland.

It said the portfolio benefits from the UK feed-in tariff for 25 years from the date of installation of individual systems which is linked to an annual increase in the UK Retail Price Index.

The portfolio comprises a number of special purpose companies financed and owned by Venture Capital Trusts and Enterprise Investment Schemes managed by Downing LLP and Beringea LLP and the founding shareholders and developers of the portfolio.

At 1135 GMT, shares were down 0.1% at 106.86p.