JLEN Environmental Assets Group Ltd Acquisition (3477U)
01 August 2022 - 8:01AM
UK Regulatory
TIDMJLEN
RNS Number : 3477U
JLEN Environmental Assets Group Ltd
01 August 2022
1 August 2022
JLEN Environmental Assets Group Limited
("JLEN" or the "Company")
Investment in a controlled environment aquaculture project
JLEN, the listed environmental infrastructure fund, is pleased
to announce that it has reached financial close on a minority
equity investment in a controlled environment aquaculture
project.
The equity investment will be made alongside other Foresight
funds, as well as the developer and operator of the facility, Hima
Seafood AS. JLEN's total investment is expected to be up to
approximately GBP40m over the next three to four years.
The project consists of a land-based aquaculture facility to be
built in Rjukan, Norway, and will use established recirculating
aquaculture system ("RAS") technology. It is expected that partial
operations will commence in 2024 with full operations expected in
2025, following which, the facility is forecasted to produce
approximately 8,000 tonnes of trout annually. This will be sold to
European and international salmonid markets via an offtake
agreement with an established Norwegian seafood distribution
company with global reach.
Driven by a growing global population and an expanding middle
class, the world faces an increasing demand for quality protein
amid limited resources of usable land and water. Recent data shows
that 34.8%(1) of global animal protein production comes from fish
and seafood sources and the fish and seafood market grew between 4%
- 8% annually in the ten-year period to 2019(1) .
Global demand for animal protein is projected to double by
2050(2) . Fish, including salmonids such as salmon and trout, is
considered one of the most efficient sources of high-quality animal
protein due to the rate at which it converts feed into edible mass,
its high protein retention and high rate of edible meat per
kilogram, as well as various nutritional benefits. Land-based
aquaculture, such as the RAS based facility to be built in Rjukan,
can provide a range of benefits compared with alternative methods
of aquaculture such as improved fish mortality rates, less local
environmental degradation and a lower use of antibiotics and other
chemicals to control disease and parasites.
Richard Ramsay, Senior Independent Director of JLEN, said:
"We are pleased to make our first investment into land-based
aquaculture, contributing to the sustainable supply of trout to
meet rising consumer demand. We consider that this investment will
deliver environmental benefits to the food system and offer a
product to suit today's consumer needs."
1) Source: United Nations FAO, FAOSTAT Statistical Database
2) Source:
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5532560/#B2-foods-06-00053
For f u rt h e r information and enquiries, please c on t a c t
:
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 (For media enquiries) +44 (0)20 3757 6882
Elisabeth Cowell jlen@secnewgate.co.uk
Sanne Fund Services (Guernsey)
Limited
Matt Falla
Gemma Woods +44 (0)14 8175 5530
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 cash flows;
- 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 2023 is 7.14 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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