In the United Kingdom (UK), John Laing Environmental Assets Group Ltd (JLEN), an environmental infrastructure investment fund has announced the acquisition of its latest UK anaerobic digestion (AD) asset, Biogas Meden Ltd, for a consideration of £16.2 million (≈ EUR 17.9 million), subject to a post-completion working capital adjustment.
With this latest anaerobic digestion (AD) plant acquisition, John Laing Environmental Assets Group Ltd (JLEN) now has a portfolio of six AD projects in the UK. The total capacity of the renewable energy assets in the JLEN investment portfolio now stands at 279.2 MW.
The Biogas Meden plant is located around 25 miles southeast of Sheffield, South Yorkshire, and was commissioned in March 2016. The plant has a thermal capacity of around 5 MW and predominantly produces biomethane to be injected to the national gas grid.
The plant also has a 0.4 MWe combined heat and power (CHP) gas engine and is accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT) schemes. The AD plant has been acquired from a subsidiary of BayWa r.e Renewable Energy GmbH. Future Biogas Ltd will provide management, operations, and maintenance (O&M) services to the AD plants after the acquisition.
The acquisition was funded by a draw-down under the Company’s revolving credit facility.
This latest acquisition takes the Company’s portfolio beyond £500m and delivers on the Company’s recent ambition to further diversify its portfolio into the bioenergy sector. We are pleased to add another high-quality asset to our growing and well-diversified portfolio and to also see our partnership with Future Biogas continue, said Richard Morse, Chairman of JLEN.
