Jlen Environmental Assets Grp Acquisition (3655Z)

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                               [phone] 
            Winterflood Investment Trusts 
             Neil Langford 
             Chris Mills                                [phone] 
            Newgate Communications 
             Elisabeth Cowell 
             Ian Silvera                                [phone] 
            Praxis Fund Services 
             Matt Falla                                 [phone] 
 

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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September 18, 2020 02:00 ET (06:00 GMT)