Jlen Environmental Assets Grp Acquisition (9388N)
04 Febrero 2021 - 1:00AM
UK Regulatory
TIDMJLEN
RNS Number : 9388N
Jlen Environmental Assets Grp
04 February 2021
4 February 2021
JLEN Environmental Assets Group Limited
("JLEN" or the "Company")
Acquisition of an electrical exporting food waste anaerobic
digestion plant
JLEN, the listed environmental infrastructure fund, is pleased
to announce the acquisition of a 100% equity stake in Codford
Biogas Limited ("CBL"). CBL holds the rights and operational assets
that make up the Codford anaerobic digestion ("AD") plant, a
100,000 tonnes per annum food waste permitted plant based in
Wiltshire, UK.
The acquisition is structured as an initial upfront payment,
including working capital, of GBP19.8m with a smaller additional
amount in deferred consideration relating to a number of expansion
opportunities payable post completion. The precise amount of the
deferred element will be determined through a valuation exercise to
be undertaken following completion.
The Codford AD plant has been operational since 2014. The plant
has a current electrical capacity of 3.8MWe which is generated by
processing up to 100,000 tonnes per annum of both liquid and solid
food waste from the commercial and industrial sector. This segment
of the food waste market has proved resilient during the last 12
months. As a result of its electricity generation, the plant is
able to supply up to 4,000 homes via the UK power grid. In addition
to the core electricity export, the plant is accredited under the
Feed-in-Tariff (FiT) and the Renewable Heat Incentive (RHI)
schemes. The plant is an excellent example of an AD operation that
is well integrated into modern farming systems. It supplies c.
80,000 tonnes per annum of nutrient rich, PAS110 digestate
biofertilizer to the surrounding farms and as a result reduces
their use of carbon-intensive synthetic fertilisers by 70-80%.
This acquisition represents JLEN's second acquisition into food
waste fuelled anaerobic digestion, further diversifying the
Company's portfolio in the waste and wastewater sector and
increasing the total capacity of renewable energy assets in the
JLEN investment portfolio to 308.5MW.
The 100% stake in CBL has been acquired from private
individuals, who will continue to support the business going
forward. It was funded by a draw-down on JLEN's revolving credit
facility.
Richard Morse, Chairman of JLEN, said:
"We are pleased with JLEN's latest investment, which is our
second food waste processing anaerobic digestion plant and its
first fully electrical plant. The plant plays an important role in
converting waste that would otherwise go to landfill into green
electricity to power homes. Specific to the investment, we also
value the opportunity to continue to work with some of the founding
shareholders in the future years."
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 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. The dividend is payable quarterly.
Further details of the Company can be found on its website
www.jlen.com
LEI: 213800JWJN54TFBMBI68
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END
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