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5 October 2018
2018 Investment Commitments Update
John Laing Group plc ("John Laing"), the international originator, active investor and manager of infrastructure projects, is pleased to announce today further renewable energy investments in Australia and the United States.
We are investing AUD$108.6 million (£59 million) for a 90.1% shareholding in the 255MWp Sunraysia Solar Farm in New South Wales. This is John Laing's first solar investment in Australia, adding to the four wind farms in the Australian renewable energy portfolio. Construction is scheduled to start later this year and complete in Q4 2019. By investing at the pre-construction stage, John Laing is able to add value as the contractual arrangements for the solar farm, which will determine its future revenue and costs, are finalised.
We have also recently acquired two further utility scale solar projects in North Carolina for a combined investment of US$34.8 million (£27 million). This is in addition to the investments in the Fox Creek and Brantley Solar farms also in North Carolina, announced as part of our interim results on 23 August 2018.
Taking into account the investments above, our total investment commitments in 2018 to date will increase to £155.2 million and we are maintaining our full year guidance of approximately £250 million.
Olivier Brousse, John Laing's Chief Executive Officer, said:
"We are pleased to secure both our first solar investment in Australia complementing our existing renewable energy portfolio in that country as well as the additional solar projects in the United States. These investments are consistent with our risk-adjusted return targets, and with our model to create value for shareholders through the successful delivery of greenfield infrastructure.
Looking ahead we continue to see a strong pipeline of attractive investment opportunities, particularly in North America and Australia."
Olivier Brousse, Chief Executive Officer +44 (0)20 7901 3200
Patrick O'D Bourke, Group Finance Director +44 (0)20 7901 3200
James Isola, Maitland +44 (0)20 7379 5151
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