John Laing EAG acquires two Yorkshire hydro power stations

Operator of privately financed public sector infrastructure projects, John Laing Environmental Assets Group Ltd PLC (LON: JLEN) announced today that it had acquired Yorkshire Hydropower Holdings Limited.

The Company stated that the acquisition required a consideration of £4.3 million, with YHHL holding 100% of the equity in Yorkshire Hydropower Limited. This transaction represents the Company’s first investment in hydro power and expands on their existing environmental infrastructure projects. YHHL has been acquired from a group of high-net-worth investors, and holds the rights to two operational hydro projects and a battery storage system.

The first Yorkshire based project is Kirkthorpe hydro, a 500kW single turbine hydro project located on the River Calder. The second is Thrybergh hydro, a twin screw 260kW hydro project located on the River Don. The final component is a 1.2MW battery co-located at Thrybergh.

John Laing comments

Richard Morse, Chairman of JLEN, said,

“We are pleased to make our first investment into two new asset classes in run-of-river hydro and battery storage. These projects have a proven operational history, benefit from strong contractual revenues and broaden the diversification within the JLEN portfolio. Furthermore, they demonstrate the synergistic benefits of co-locating renewable energy generation and storage technology.”

The Company’s statement also enclosed the following,

“Both hydro projects are accredited under the 20-year Feed-in-Tariff scheme.  The battery storage project at Thrybergh is currently dedicated to a Firm Frequency Response contract.”

“This acquisition increases the total capacity of renewable energy assets in the JLEN investment portfolio to 281.16MW.”

“The acquisition was funded by the group’s internal cash resources.”

Investor notes

The Group’s shares dipped 0.27% or 0.33p to 121.42p a share 19/07/19 14:08 BST.

There have been recent renewable energy updates from; SIMEC Atlantis Energy (LON: SAE), Aquila European Renewables Income Fund (LON: AERI)  PowerHouse Energy Group (LON: PHE), The Renewables Infrastructure Group Ltd (LON: TRIG) and Tekmar Group Plc (LON: TGP).