Jlen Environmental Assets Grp Acquisition (1036T)
March 23 2021 - 2:00AM
UK Regulatory
TIDMJLEN
RNS Number : 1036T
Jlen Environmental Assets Grp
23 March 2021
23 March 2021
JLEN Environmental Assets Group Limited
("JLEN" or the "Company")
Acquisition of an electrical exporting anaerobic digestion plant
in Nottinghamshire, UK
JLEN, the listed environmental infrastructure fund, is pleased
to announce the acquisition of a 100% equity stake in Rainworth
Energy Limited ("REL"), for a consideration of GBP5.8m subject to
adjustment for working capital.
REL holds the rights and operational assets that make up the
Rainworth anaerobic digestion ("AD") plant, a 2.2MW electrical
plant based in Nottinghamshire, UK, close to an existing AD plant
held by JLEN, Biogas Meden. The plant has been operational since
2016 and supplies both heat and power to Center Parcs' Sherwood
Forest resort. The plant is permitted to accept up to 42,400tpa of
feedstock per year and is accredited under both the Feed-in-Tariff
(FiT) and the Renewable Heat Incentive (RHI) schemes. The plant has
been acquired from a consortium of sellers.
This investment represents a further acquisition in the UK
agricultural anaerobic digestion market, where JLEN is a leading
investor. JLEN has an established AD portfolio with a strong
operational track record. The acquisition increases the total
capacity of renewable energy assets in the JLEN investment
portfolio to 310.7MW. The investment was funded by a drawdown from
JLEN's revolving credit facility.
Richard Morse, Chairman of JLEN, said:
"We are pleased with JLEN's latest investment into the AD
sector, bringing the total number of agricultural AD plants in the
portfolio to nine. We look forward to supplying Center Parcs with a
combination of renewable heat and electricity and providing organic
fertiliser to the local farming community."
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
SEC Newgate
Elisabeth Cowell
Megan Kovach +44(0)20 3757 6880
Praxis Fund Services
Matt Falla
Gemma Woods +44(0)1481 755530
About JLEN
JLEN's investment policy is to invest in a diversified portfolio
of Environmental Infrastructure. Environmental Infrastructure is
defined by the Company as infrastructure assets, projects and
asset-backed businesses that utilise natural or waste resources or
support more environmentally friendly approaches to economic
activity, support the transition to a low carbon economy or which
mitigate the effects of climate change. Such investments will
typically feature one or more of the following characteristics:
-- long-term, predictable cash flows, which may be wholly or
partially inflation-linked cash flows;
-- long-term contracts or stable and well-proven regulatory and legal frameworks; or
-- well-established technologies, and demonstrable operational performance
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(1) pence
per share. The dividend is payable quarterly.
Further details of the Company can be found on its website
www.jlen.com
LEI: 213800JWJN54TFBMBI68
1) These are targets only and not profit forecasts. There can be
no assurance that these targets will be met or that the Company
will make any distributions at all.
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END
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