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Greencoat buying wind assets from John Laing
Posted on Tuesday, 24 March 2020 15:42
Greencoat Capital has signed on the dotted line to acquire a French portfolio of wind assets from London-headquartered public sector infrastructure asset and project investor John Laing.
Under the terms of the deal, the buyer, via its Greencoat Renewables fund, will pay EUR 30.30 million for the business, giving a total enterprise value of EUR 95.00 million.
The acquisition will be financed using the firm’s existing EUR 380.00 million credit facility.
Completion remains subject to the green light from French regulators.
The assets being acquired comprise three wind farms with 16-year long term fixed rate project finance.
As a consequence of the purchase, Greencoat’s total installed capacity base will stand at 528.10 MW.
Zephyr, the M&A database published by Bureau van Dijk, shows this is John Laing’s second divestment to have been announced in recent weeks.
On 16th March, it agreed to offload its 100.50 megawatt Buckthorn wind farm to Capital Power for between USD 60.00 million and USD 69.00 million, dependent on future market performance.
Completion of that deal has been pencilled in for the second quarter of this year, subject to regulatory approvals, among other conditions.
John Laing manages and invests in infrastructure projects, primarily in the transport, social and environmental segments.
It is active in the UK, as well as throughout Europe, Asia-Pacific and North America, while its portfolio has comprised over 100 projects in 30 years.
There have been 46 deals targeting wind electric power generation companies announced worldwide since the beginning of 2020, according to Zephyr.
Of these, four targeted businesses based in France; this puts the country behind China (7 deals), Ireland (5) and Taiwan (5).
© Zephus Ltd