JLEN Environmental Assets Group Ltd First battery energy storage investment now online
01 Junio 2023 - 1:00AM
RNS Non-Regulatory
TIDMJLEN
JLEN Environmental Assets Group Ltd
01 June 2023
1 June 2023
REACH
JLEN Environmental Assets Group Limited
First battery energy storage investment now online
JLEN Environmental Assets Group Limited ("JLEN" or the
"Company"), the listed environmental infrastructure fund, is
pleased to announce the successful launch of its first grid-scale
battery project, with the West Gourdie 50MW lithium-ion plant
having started commercial operations.
Battery energy storage systems are playing an increasingly
important role in the energy transition and the West Gourdie plant,
situated in Dundee, Scotland, will provide critical balancing
support to the GB electricity grid network, reducing system
imbalance and volatility.
The construction of the project was undertaken by EPC Contractor
Anesco Limited, with management oversight from the Foresight Group
construction team and DNV-GL, the appointed Owners Engineer. The
project will be operated by Flexitricity with Green Nation set to
provide asset management services, while Anesco will provide
operations and maintenance services.
Chris Tanner, Investment Manager for JLEN commented : "Seeing
JLEN's first battery storage investment become operational is a
significant milestone for the Company. Battery energy storage
projects play a vital role in advancing the decarbonisation agenda
by reducing system imbalance, enhancing the grid's ability to
harness a greater level of intermittent renewables. Investments
such as these provide attractive returns over time, we are
therefore pleased to have provided JLEN investors with exposure to
this exciting asset class and look forward to advancing our other
battery storage assets to commercial operations, in order to create
further capital growth for our shareholders."
For further information please contact:
Foresight Group
Chris Tann er
Ed Mountney +44(0)20 3667 8100
Wilna de Villiers institutionalir@foresightgroup.eu
Winterflood Securities Limited
Neil Langford +44(0)20 3100 0000
SEC Newgate +44 (0)20 3757 6882
Elisabeth Cowell Jlen@secnewgate.co.uk
Alice Cho
Harry Handyside
Sanne Fund Services (Guernsey)
Limited
Matt Falla
Gemma Berry +44 (0)20 3530 3600
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 2024 is 7.57 pence per
share (1) . The dividend is payable quarterly.
JLEN is an Article 9 fund under the EU Sustainable Finance
Disclosure Regulation and has a transparent and award winning
approach to ESG.
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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