John Laing Group first investment in wind farm repowering project in Germany
John Laing Group plc, the international originator, active investor and manager of infrastructure projects, today announces that it will invest approximately €45-50m to acquire the Klettwitz wind farm in Brandenburg Schipkau, Germany from Ventotec GmbH, the developer of the site. In addition to John Laing’s investment of €45-50m, the Klettwitz wind farm will be refinanced with new project finance. The acquisition remains conditional on securing satisfactory project financing and certain other conditions.
- John Laing agrees to invest approximately €45-50m in the purchase of 100% of the repowered Klettwitz wind farm in Brandenburg Schipkau, Germany. The final value will be confirmed at Financial Close.
- Total installed capacity is 89 MW from 27 wind turbines after repowering, replacing previous total installed capacity of 59 MW from 36 turbines at the legacy wind farm previously in operation at the site. The project benefits from a feed in tariff for up to 20 years.
- Financial close is expected before 30 November 2015.
Olivier Brousse, Chief Executive Officer of John Laing, said:
“Our investment in Klettwitz takes John Laing into renewable energy in Germany for the first time and provides us with an attractive project. Investing in wind turbine repowering is an area where we believe there are likely to be further opportunities to capitalise on the major advances in wind turbine technology made in recent years. We remain on track to achieve our stated investment target for this year."
James Isola / Robbie Hynes,
T +44 (0)20 7379 5151