John Laing Environmental Assets Group Limited’s £4.3 Million Acquisition Of Yorkshire Hydropower Holdings


Osborne Clarke has advised John Laing Environmental Assets Group Limited (LON: JLEN) on the acquisition of two operational low head hydropower stations and a battery storage system for a total consideration, including working capital, of £4.3 million.

The Yorkshire-based projects acquired, are: Kirkthorpe hydro, a 500kW single turbine hydro project located on the River Calder, which was commissioned on 21 November 2016; Thrybergh hydro, a twin screw 260kW hydro project located on the River Don, commissioned 26 October 2015 and

a 1.2MW battery co-located at Thrybergh, commissioned in January 2018.

Both hydro projects are accredited under the 20-year Feed-in-Tariff scheme. The battery storage project at Thrybergh is currently dedicated to a Firm Frequency Response contract.

This acquisition increases the total capacity of renewable energy assets in the JLEN investment portfolio to 281.16MW.

It represents JLEN’s first investment in two new sectors – run-of-river hydro and battery storage, further diversifying its portfolio of environmental infrastructure projects including, wind, solar, anaerobic digestion, waste and wastewater.

JLEN is an environmental infrastructure investment fund which aims to provide shareholders with a sustainable dividend paid quarterly, that increases progressively in line with inflation, and to preserve the capital value of its portfolio on a real basis over the long term through the reinvestment of cash flows not required for the payment of dividends.

The Osborne Clarke team was led by corporate Partner Adam Love (Picture) and Energy and Utilities Sector Leader and Partner James Watson. Adam and James were assisted by corporate Senior Associate Alex Underwood, corporate Associate Sarah Mitchell and corporate paralegal Kristy Hart. The broader Osborne Clarke team consisted of energy specialists from across the firm including energy Partner Alan John and Senior Associate Caroline Bush, real estate Partner Dave Kerr, planning Associate Director John Webster, construction Partner Carl Thompson and Senior Associate Duncan Parker, environment Partner Matthew Germain, tax Partner Erika Jupe and tax Senior Associate Helena Zaba and banking Partner Jakub Kubicki.

Involved fees earner: Caroline Bush – Osborne Clarke; Matthew Germain – Osborne Clarke; Alan John – Osborne Clarke; Erika Jupe – Osborne Clarke; David Kerr – Osborne Clarke; Jakub Kubicki – Osborne Clarke; Adam Love – Osborne Clarke; Sarah Mitchell – Osborne Clarke; Duncan Parker – Osborne Clarke; Carl Thompson – Osborne Clarke; Alex Underwood – Osborne Clarke; James Watson – Osborne Clarke; John Webster – Osborne Clarke; Helena Zaba – Osborne Clarke;

Law Firms: Osborne Clarke;

Clients: John Laing Environmental Assets Group;