John Laing Environmental Assets has paid of £18.8 million (US$29 million) to acquire a 4.2 megawatt solar project portfolio in the UK.
The fully operational solar energy generation portfolio comprises 796 systems of residential rooftop, commercial rooftop and commercial ground mounted solar PV installations, distributed across England, Wales and Scotland. Details of the seller weren’t disclosed.
The portfolio benefits from the UK feed-in tariff for 25 years from the date of installation of individual systems which is linked to an annual increase in the UK Retail Price Index. It comprises a number of special purpose companies financed and owned by Venture Capital Trusts and Enterprise Investment Schemes managed by Downing LLP and Beringea LLP and the founding shareholders and developers of the portfolio.