John Laing Group plc Divestment Update (1666H)

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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                   [phone] 
 Matt Denham                          [phone] 
                                      [e-mail] 
 

ENDS

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March 23, 2020 03:00 ET (07:00 GMT)