John Laing Group has entered the US renewable energy sector with a $20.5 million investment in a New Mexico wind farm.
The London-based infrastructure investor agreed with Akuo Energy USA to develop and operate the 29.9MW Sterling Wind Power Project. John Laing’s commitment, along with a loan from BayernLB and an equity contribution from GE Energy Financial Services, will fund the project. It is expected to be completed in the second half of 2017 and will benefit from a 15-year fixed-price power purchase agreement.
Over the past year, the developer has also been increasing its renewable energy presence in other markets and sectors. Last October, John Laing 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 Nordergründe project off the coast of Germany.
John Laing made its first renewables investment in 2011. The firm manages around £1.1 billion ($1.35 billion; €1.22 billion) of assets as of 30 June, mostly made up of core infrastructure projects. In June, the firm reached a €300 million financial close on the Netherlands' A6 Almere motorway expansion project.