Jlen Environmental Assets Grp Acquisition (3655Z)
18 Settembre 2020 - 8:00AM
UK Regulatory
TIDMJLEN
RNS Number : 3655Z
Jlen Environmental Assets Grp
18 September 2020
18 September 2020
JLEN Environmental Assets Group Limited
("JLEN" or the "Company")
Acquisition of two operational hydropower stations and a battery
storage system
JLEN, the listed environmental infrastructure fund, is pleased
to announce the acquisition of Northern Hydropower Holdings Limited
("NHHL") for a total consideration, including working capital, of
GBP4.74 million. NHHL owns 100% of the equity in Northern
Hydropower Limited, which in turn holds the rights to two
operational hydro projects, including a co-located operational
battery storage system at one of the sites. The assets are located
in Yorkshire and Cornwall.
This represents the Company's second investment into
run-of-river hydropower and battery storage, further increasing the
diversification profile of the Company's portfolio of environmental
infrastructure projects including, wind, solar, anaerobic
digestion, waste and wastewater.
NHHL has been acquired from a group of high-net-worth investors,
which provided the original funding under an Enterprise Investment
Scheme.
The Yorkshire-based assets are:
-- Knottingley hydro, a 500kW dual turbine hydro project located
on the River Aire, which was commissioned in October 2017
-- a 1.2MW battery co-located at Knottingley, commissioned in
January 2018;
The Cornish-based asset is:
-- De Lank hydro, a 99kW hydro project located on the De Lank
River, commissioned in October 2011.
Both hydro projects are accredited under the 20-year
Feed-in-Tariff scheme.
This acquisition increases the total capacity of renewable
energy assets in the JLEN investment portfolio to 304.7 MW.
The acquisition was funded by a draw-down under the Company's
revolving credit facility.
Richard Morse, Chairman of JLEN, said:
"We are pleased to make our second investment into run-of-river
hydro and battery storage, building upon our existing portfolio in
this sector. As with our other hydro assets, these projects have a
proven operational history, benefit from strong contractual
revenues and broaden the diversification within the JLEN
portfolio."
For further information, please contact:
Foresight Group
Chris Tanner
Chris Holmes +44(0)20 3667 8100
Winterflood Investment Trusts
Neil Langford
Chris Mills +44(0)20 3100 0000
Newgate Communications
Elisabeth Cowell
Ian Silvera +44(0)20 3757 6880
Praxis Fund Services
Matt Falla +44(0)1481 755530
About JLEN
JLEN's investment policy is to invest in environmental
infrastructure projects that have the benefit of long-term,
predictable, wholly or partially inflation-linked cash flows
supported by long-term contracts or stable regulatory
frameworks.
Environmental Infrastructure is defined by the Company as
infrastructure projects that utilise natural or waste resources or
support more environmentally-friendly approaches to economic
activity. This could involve the generation of renewable energy
(including solar, wind, hydropower and biomass technologies), the
supply and treatment of water, the treatment and processing of
waste, and projects that promote energy efficiency.
JLEN's aim is to provide investors with a sustainable
progressive dividend per share, paid quarterly and to preserve the
capital value of the portfolio over the long term on a real basis.
The target dividend for the year to 31 March 2021 is 6.76 pence per
share.
Further details of the Company can be found on its website
www.jlen.com
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END
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