JLEN Environmental Assets Group Ltd Acquisition (7019B)
14 Junio 2021 - 1:00AM
UK Regulatory
TIDMJLEN
RNS Number : 7019B
JLEN Environmental Assets Group Ltd
14 June 2021
14 June 2021
JLEN Environmental Assets Group Limited
("JLEN" or the "Company")
Acquisition of a 28 MW Biomass Combined Heat & Power
Plant
JLEN, the listed environmental infrastructure fund, is pleased
to announce the acquisition of a 100% equity stake in Cramlington
Renewable Energy Developments Ltd ("CRED"), which owns a Biomass
Combined Heat and Power plant ("CHP Plant") and its underlying
contracts. The acquisition of CRED, for an undisclosed amount, was
made on a debt-free basis and represents JLEN's first investment
into a large-scale biomass CHP Plant.
The CHP Plant is located to the north west of the town of
Cramlington in Northumberland and utilises proven technology to
process a diversified biomass fuel mix, creating up to 28MW of
electrical power and 8MW of heat for export via private wire to
industrial customers and the grid.
The CHP Plant has been fully operational since 2018 and earns
revenues from: (i) the subsidy regimes of Renewable Obligations
Certificates and Renewable Heat Incentive; (ii) the sale of
electricity to the market; and (iii) the sale of heat and power via
private wire to industrial customers. In aggregate, c. 66% of
CRED's revenues are backed by long-term subsidies and an additional
c. 10% via long-term contracts.
This acquisition is in line with JLEN's strategy to further
diversify its portfolio and to secure strong inflation-linked
revenue streams.
Richard Morse, Chairman of JLEN, said:
"We are happy to announce JLEN's first investment into large
scale biomass CHP, which leverages the knowledge and experience
gained in owning a number of bioenergy assets already.
"We believe that assets such as these provide a sustainable
source of renewable heat and power that can be utilised as baseload
power to the grid and a direct provision to nearby industrial
customers. The plant has a strong operational track record and we
look forward to optimising this asset for the future."
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 6882
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;
-- 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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END
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