JLEN Environmental Assets Group Ltd Acquisition (9634Y)
18 Mayo 2021 - 1:00AM
UK Regulatory
TIDMJLEN
RNS Number : 9634Y
JLEN Environmental Assets Group Ltd
18 May 2021
18 May 2021
JLEN Environmental Assets Group Limited
("JLEN" or the "Company")
Acquisition of a 16.8 MW Energy-from-Waste plant
JLEN, the listed environmental infrastructure fund, is pleased
to announce the acquisition of a 45% equity stake in Energie
Tecnologie Ambiente S.r.l. ("ETA"). ETA is a 16.8MW
energy-from-waste ("EfW") power plant ("the EfW Plant") which
processes Refuse Derived Fuel ("RDF"), located in the municipality
of Manfredonia in the Apulia region of southern Italy. The
EUR26.75m investment has been made alongside Foresight Energy
Infrastructure Partners SCSp ("FEIP"), which will also acquire a
45% equity stake. ETA is owned by Marcegaglia Investments S.r.l.
(the "Seller") which will retain a 10% equity stake in the EfW
Plant. Completion of this acquisition is subject to a number of
conditions which are expected to be finalised by the end of May
2021.
The EfW Plant, which utilises proven technology, has been fully
operational since 2012 and earns revenues from: (i) gate fees paid
by RDF suppliers to ETA; (ii) incentives related to producing
electricity from renewable energy; and (iii) the sale of
electricity to the market. In aggregate, c. 74% of ETA's revenues
are considered to be backed by long-term contracts or
subsidies.
This acquisition represents JLEN's first investment in Italy,
further diversifying its portfolio, geographic exposure and revenue
base. The Company's Investment Adviser's Italian team was
instrumental in the execution of the acquisition and will remain
closely involved in the management of the asset.
Richard Morse, Chairman of JLEN, said:
"We are happy to announce JLEN's investment into this
energy-from-waste plant which leverages the knowledge and
experience gained in owning a number of bioenergy assets already.
This is JLEN's first investment in Italy and we look forward to
co-owning this locally important asset alongside FEIP and the
Seller.
"We believe that assets such as these provide a vital outlet for
non-recyclable waste that would otherwise be sent to landfill, and
which can be used to generate baseload power to the grid. The plant
has a strong operational track record and we look forward to
working with the existing operations team as a new co-owner."
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 2022 is 6.80(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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