Jlen Environmental Assets Grp Acquisition (4760K)
29 August 2019 - 8:00AM
UK Regulatory
TIDMJLEN
RNS Number : 4760K
Jlen Environmental Assets Grp
29 August 2019
29 August 2019
JLEN Environmental Assets Group Limited
("JLEN" or the "Company")
Acquisition of an anaerobic digestion plant
JLEN, the listed environmental infrastructure fund, is pleased
to announce the acquisition of Warren Power Limited ("WPL") for an
initial consideration, including working capital, of GBP14.8
million subject to additional deferred payments up to GBP0.8m. WPL
owns 100% of the equity in Warren Energy Limited ("WEL"), which
holds the rights and operational assets that make up the anaerobic
digestion ("AD") plant.
The Warren AD plant is located in Methwold, Norfolk, was
commissioned in December 2015 and became operational in March 2016.
The plant has a thermal capacity of c.5MWth and predominantly
produces biomethane to be injected to the national gas grid. In
addition, the plant also has a 0.5MWe CHP engine and is accredited
under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT)
schemes.
The Warren AD plant has been acquired from EIS funds managed by
Amersham Investment Management Ltd and minority shareholders,
Future Biogas Ltd ("FBL"). FBL will continue to provide management,
operations and maintenance services to the AD plant after the
acquisition. FBL and JLEN have an existing relationship in relation
to other AD assets, including the Vulcan, Merlin, Biogas Meden,
Egmere and Grange Farm plants, in the Company's portfolio.
This acquisition increases the total capacity of renewable
energy assets in the JLEN investment portfolio to 286.2MW and
further diversifies the Company's portfolio.
The acquisition was funded by a draw-down on JLEN's revolving
credit facility.
Richard Morse, Chairman of JLEN, said:
"We are pleased with JLEN's continued investment in the
anaerobic digestion sector, with this acquisition of its second AD
plant in Norfolk, complementing JLEN's Egmere plant located nearby.
We also value this opportunity to conclude a second transaction
with Amersham and look forward to working with our partner, Future
Biogas, to continue the strong performance of this asset."
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
Newgate Communications
Elisabeth Cowell
Ian Silvera +44(0)20 3757 6880
Praxis Fund Services
Matt Falla +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 an annual dividend that
is sustainable and increases in line with inflation. The target
dividend for the year to 31 March 2020 is 6.66 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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