John Laing buys French wind farm for £11.7m

The developer has recently increased its exposure to the renewables space by entering the offshore wind market.

Infrastructure developer John Lain has purchased its second wind asset in France for £11.7 million ($15.6 million; €13.89).

The London-based firm bought the 21.6MW Sommette-Eaucourt wind farm from its developer, WKN AG. The project is still under development in Picardie, northern France. It will comprise nine 2.4MW turbines and benefit from a 15-year feed-in tariff. John Laing financed part of the project with a debt package from ING Bank.

John Laing's first French wind purchase was in 2014 when it acquired the 20MW Pasilly project from Gamesa.

Over the past year, the developer has also been increasing its renewable energy presence in other markets and sectors. Last October, John Lain entered the German renewable energy market with the purchase of the 89MW Klettwitz wind farm for up to €50 million. The firm also made its first step into Europe's offshore wind sector last month, when it bought a 30 percent stake in the 110.7MW Nordergruende project off the coast of Germany.

“The Nordergründe offshore wind project in Germany is an important step for John Laing into a new market where we see a significant opportunity, and in a country we want to continue to invest into,” said Ross McArthur, John Laing's managing director of renewable energy.

John Laing manages around £1.1 billion of assets, mostly made up of core infrastructure projects. In June, the firm reached a €300 million financial close on the Netherlands' A6 Almere motorway.