Infrastructure investor John Laing said it had sold its Glencarbry wind farm in Ireland to Greencoat Renewables for 31.2m (£26.6m) as it continued to reduce its exposure to renewable energy assets.
The sale value represents a 6% premium to book value for the asset at December 31, 2020, and is equivalent to a money multiple on its investment of 1.3 times, the company said on Thursday.
Located in County Tipperary, Glencarbry has a total capacity of 35.6MW. It was acquired by John Laing in 2015 and has an operational track record of over three and a half years.
In a separate announcement, John Laing said it was moving into the German internet market, spending 30m on two acquisitions.
The deal involves buying two regional and telecoms businesses in southern and western Germany – EFN eifel-net Internet-Provider and Jobst NET – both are in the early stages of fibre-to-the-premises (FTTP) roll-out programmes, focusing on delivering connectivity to under-served suburban and rural communities in Germany.
Laing said it planned to create a single integrated platform through which to invest further in rolling out FTTP.
“Given the potential growth of the roll-out strategy, this platform represents a material opportunity for further investment by John Laing over time, and which could represent a total equity investment in excess of 100m over the next three years,” the company said.
