Jlen Environmental Assets Grp COVID-19 Update (6357H)
26 März 2020 - 8:00AM
UK Regulatory
TIDMJLEN
RNS Number : 6357H
Jlen Environmental Assets Grp
26 March 2020
26 March 2020
JLEN ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
COVID-19 Update
JLEN, the listed environmental infrastructure fund, issues an
update regarding its response to the COVID-19 outbreak.
The Board of JLEN is working closely with its Investment
Adviser, Foresight Group ("Foresight"), and all key service
providers to monitor the emerging threat of COVID-19 on the global
economy and potential impact on the Company's portfolio. During
this evolving and unprecedented crisis, the health and safety of
all employees, Company stakeholders and their staff is of primary
importance.
Foresight has conducted a review of all major service providers
and operational counterparties and can confirm that their Business
Continuity Plans are satisfactory and are operating
effectively.
The JLEN portfolio has made a positive start to the calendar
year, with generation approximately 15% over budget including very
strong performance from the wind assets due to good wind
resource.
Foresight anticipates that there may be a further short-term
reduction in power prices due to an anticipated drop in demand.
However, power prices are forecast to improve over the medium-term.
JLEN's diversified portfolio has a relatively low level of exposure
to wholesale power prices with only one third of the Company's
underlying revenues coming from the sale of wholesale power. JLEN
currently has fixed price or floor arrangements covering 49% of
electricity generation for the upcoming summer 2020 season and 48%
for winter 2020/21.
The Company is in a strong financial position and is
conservatively geared both in relation to its Revolving Credit
Facility ("RCF"), which is currently GBP17 million drawn and is not
due to be refinanced until June 2022, and at a portfolio company
level where all project debt is on a long-term, fully amortising
basis with no need for refinancing.
Operations at its wind, solar, anaerobic digestion and hydro
assets have not experienced any material interruption and all
assets are performing as expected. The Company's food waste
project, which represents less than 5% of its portfolio and is
ungeared, has seen a reduction to its commercial food waste
collections while residential food waste supply remains stable.
Foresight is monitoring the impact of this closely. The Company's
counterparties have implemented measures that enable the continued
maintenance and operation of JLEN's assets while taking appropriate
steps to ensure the health, safety and wellbeing of the those
involved.
The Company currently sees no material long-term impact from
COVID-19 on its ability to continue to meet its investment
objectives.
The Company reaffirms its guidance for a full-year dividend of
6.66p for the current financial year to 31 March 2020, including a
quarterly dividend of 1.665p to be paid for the period January to
March 2020 and, in line with the Company's usual reporting cycle,
will announce its target dividend for the 12 months to 31 March
2021 in its Final Results, which will be published in June
2020.
The situation in relation to COVID-19 continues to evolve.
However, JLEN and its assets are in a strong position to manage
through this period of turbulence and we will keep shareholders
updated as appropriate.
Foresight Group +44(0)20 3667 8100
Chris Tanner
Chris Holmes
Winterflood Investment Trusts +44(0)20 3100 0000
Neil Langford
Chris Mills
Newgate Communications +44 (0)20 3757 6880
Elisabeth Cowell
Ian Silvera
Praxis Fund Services +44(0)1481 755530
Matt Falla
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 aims 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 (1)
. 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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