John Laing hits investment target with US renewables deal

The London-based firm committed £63m to a 149MW wind project in Texas.

The John Laing Group has exceeded its £200 million ($265.7 million; €226.2 million) infrastructure investment target for 2017 with its third acquisition in the US renewable energy sector.

The London-based infrastructure developer and operator has invested £63 million to acquire the majority interest in a 149MW wind project in Texas. The project has two power-purchase agreements with corporate off-takers.

“It has been an active year so far for investments and we are pleased to have already delivered our guidance of £200m of investment commitments in 2017,” said Olivier Brousse, John Laing chief executive.

The deal comes as Paul Lester, the company’s chairman, left the business at the end of September. Lester has chaired the fund since its launch in 2010, but his departure is now part of a phasing out of the fund’s original board members – a strategy announced two months ago. JLIF co-founder Andrew Charlesworth left the company in May.

John Laing made its first investment in the US renewables space around one year ago with a $20.5 million investment in a 29.9MW wind farm in New Mexico. In July, it acquired a 90.5 percent stake in a 1.2GW wind farm in Texas.