JLEN Environmental Assets Group Ltd Divestment of French wind assets (9015X)
10 Januar 2022 - 8:00AM
UK Regulatory
TIDMJLEN
RNS Number : 9015X
JLEN Environmental Assets Group Ltd
10 January 2022
10 January 2022
JLEN Environmental Assets Group Limited
("JLEN" or the "Company")
Divestment of French wind assets
JLEN, the listed environmental infrastructure fund, is pleased
to announce that it has reached an agreement for the sale of its
two French onshore wind farms, Parc Éolien Le Placis Vert and
Energie Eolienne de Plouguernevel to Volta Developpement, for a
total consideration of EUR5.9 million. This is in-line with the
valuation as at 30 September 2021 although it represents a 25%
uplift to the value of the assets at 30 June 2021, the last
valuation prior to receipt of firm bids. Completion of the disposal
is subject only to a customary condition precedent.
The wind farms have been operational since 2016 and are located
in the Côtes-d'Armor region of Brittany in north-western France.
They were acquired by JLEN in 2016 from Energiequelle, in an
operational state and have a combined generating capacity of 8MW.
Both projects benefit from a 15-year Feed-in-Tariff.
This is the Company's first divestment and while JLEN's strategy
is to hold its assets over the long-term, it will consider
opportunities to generate value for shareholders through the
divestment of certain assets as they arise. These opportunities
will be evaluated against the Company's strategy of diversification
and the ability of the asset to generate stable financial
returns.
The proceeds of the sale will be used to repay amounts
outstanding under its revolving credit facility which is available
to meet existing commitments and fund further pipeline
projects.
Richard Morse, Chairman of JLEN, said:
"We are pleased to have reached an agreement to sell JLEN's
French wind assets at an uplift to the valuation prior to the
receipt of firm bids. While the scale of the valuation uplift on
disposal cannot necessarily be assumed to apply across the entire
portfolio, we believe that it demonstrates our conservative
approach to valuations. The Board remains open to further selective
divestments in the future to recycle capital and to demonstrate the
underlying value of JLEN's portfolio of environmental
infrastructure assets."
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
Sanne 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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