Stake Transaction

On 19 August 2016, John Laing Group plc announced it had acquired a 30% equity stake in the 110.7 MW Nordergründe offshore wind farm project in the German North Sea. The nearshore project, located just north of Wilhelmshaven, is being developed and operated by the wpd Group. Following the transaction, the shareholder structure of Nordergründe comprised John Laing (30%), wpd AG (30%) and Gothaer Leben Renewables GmbH (40%). At the time of the acquisition the project had already reached financial close in June 2015, with senior debt provided by the European Investment Bank, KfW IPEX Bank and other commercial lenders, and construction was well advanced, with all foundation piles installed, turbine erection underway, grid connection in place, onshore cable and substation works completed, and offshore cabling works started. The project benefits from the German feed-in tariff regime.