The deal brings renewable energy asset under management for Foresight to £4bn, with a power generating capacity of up to 2GW
Foresight Group has signed an agreement with the Board of John Laing Environmental Assets Group Limited (JLEN) and John Laing Group (JLG) to acquire advisory mandate for John Laing Environmental Assets Group (JLEN) from from John Laing Capital Management (JLCM).
JLEN has a portfolio of 28 operational assets in renewable energy generation, wastewater and waste management activities across the UK and Europe. With a gross asset value of £784m, JLEN was listed on the London Stock Exchange in 2014.
The sale will allow JLEN to concentrate on its core business of investment in an active management of greenfield infrastructure projects.
Foresight chairman Bernard Fairman said: “This brings our total assets under management to £4 billion and strengthens our commitment to the clean energy and environmental infrastructure sector, where we are keen to consider other similar acquisitions globally. We are proud of our environmental focus which plays such a critical role in addressing the twin threats of climate change and energy security.
“Chris and Chris’s decision to join our Partnership is an endorsement of our strength in ESG and sustainability – investing for a smarter future.”
The deal is expected to close by the end of this month. The acquisition is expected to strengthen Foresight’s position as a renewable energy infrastructure asset manager, boosting its total assets under management by 26%.
With this transaction, Foresight’s assets under management will grow by more than £3bn in renewable energy assets with a generating capacity close to 2GW.
JLEN chairman Richard Morse said: “We hold Foresight Group in high regard as a successful and experienced funds management platform with a track record of investment in environmental infrastructure asset classes.
“We look forward to working with Foresight as our investment advisory team is transferred from John Laing and as we continue to seek to enhance and grow our portfolio of environmental assets in the interests of shareholders.
“We wish to express our thanks to John Laing for its key role in establishing JLEN and for facilitating this change of investment adviser.”