John Laing has revealed plans to sell its global portfolio of wind and solar assets and cease investing in renewables as it shifts its focus to other sectors, including managed lanes and broadband.
The infrastructure investor said on Tuesday (3 March) in its financial results for the year ended 31 December 2019 that the sale of its wind and solar assets will take place over the next two years.
John Laing had 24 investments in solar and wind assets across the globe as of 31 December 2019, according to its annual report. Of these, 21 are in operation and ready to sell, while the remaining three will become operational in the near future.
John Laing has already begun selling its wind and solar assets in Australia and France.
It also owns wind and solar farms in Ireland, Germany, Sweden and the US, according to its website.
John Laing’s decision follows a GBP 121m writedown of its wind and solar assets in Europe and Australia, revealed in the firm’s half-year report. The writedown was caused by transmission problems at its renewable operations in Australia and low wind levels in Europe.
A source close to John Laing said that the wind and solar sectors have become less complex compared to 10 years ago, when John Laing was heavily investing in such assets, and added that John Laing thrives on working on complex projects.