UK infrastructure developer and investor John Laing has upped the value of its renewables development pipeline, which includes the 112MW Hornsdale 3 wind farm in southern Australia.
The group’s total renewable energy pipeline at 30 June was £502m, up 11% from £451m a year earlier.
Investment commitments across the entire company jumped to £111.3m, from £76.0m a year earlier, after it tipped £10.0m into Hornsdale 3 and £22.0m into a rooftop solar project in France.
Since 30 June, another £47.6m was spent taking a 90% shareholding in the 100.5MW Buckthorn Wind Farm in Texas.
More broadly, John Laing posted a 65% fall in net profit for the six months through June to £37.4m from £106.7m in the previous corresponding period, after writing down the value of its Manchester waste disposal investments.
“We have made good progress on investment commitments and disposals and are on track to achieve our full year guidance on both fronts,” John Laing chief executive Olivier Brousse said.
The company bumped up its interim dividend to1.91p, from 1.85p a year earlier.
Image: turbines rising at Hornsdale (Windhoist)
