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John Laing completes sale of Irish wind farm; invests in two Germany-based fibre firms
StockMarketWire.com
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Infrastructure investor John Laing has completed the sale of its Irish wind farm, Glencarbry, to Greencoat Renewables for €31.2 million, equivalent to approximately £26.6 million.
This sale value represented a 6% premium to John Laing's book value for the asset at 31 December 2020, and is equivalent to a money multiple on its investment of 1.3 times.
'This divestment is in line with the group's strategy to reduce its exposure to Renewable Energy generation assets,' the company said.
The total value of the group's renewable energy portfolio has reduced to £234 million, with the group's PPP & projects business line now representing around 80% of total portfolio value, it added.
In a separate agreement, the company also said it had made a commitment to invest up to €30 million to acquire control of two businesses EFN eifel-net Internet-Provider GmbH and Jobst NET GmbH.
Each of the business are in the early stages of fibre-to-the-premises rollout programmes.
John Laing also agreed to fund the initial investment in the fibre roll-out programmes over the next 12 months.
Story provided by StockMarketWire.com
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