JLEN Environmental Assets Group Ltd Acquisition (2476B)
30 September 2022 - 8:00AM
UK Regulatory
TIDMJLEN
RNS Number : 2476B
JLEN Environmental Assets Group Ltd
30 September 2022
30 September 2022
JLEN Environmental Assets Group Limited
("JLEN" or the "Company")
Acquisition of a 49.9 MW battery storage project
JLEN, the listed environmental infrastructure fund, is pleased
to announce the acquisition of a 50% equity stake in Gigabox No 4
Limited ("Gigabox No 4"). Gigabox No 4 holds the development rights
to construct a 49.9MW lithium-ion battery energy storage plant
based in Angus, Scotland.
The investment has been made alongside Foresight Solar Fund
Limited and the acquisition will see JLEN invest up to GBP16.4m.
The project is fully consented and construction ready and is
expected to start commercial operations in early 2024. The project
will be connected to the Scottish Hydro Electric Power Distribution
plc's distribution network and has a 49.9MW import and export
connection. The connection will be initially with a capacity of
45MW, increasing to the full 49.9MW capacity by early 2025.
This acquisition represents JLEN's sixth investment into battery
storage systems, adding to the two co-located batteries that the
Company owns as part of its run-of-river hydro portfolio, as well
as a further three standalone projects located in the UK.
Ed Warner, Chair of JLEN, said:
"We are pleased to add another battery project to the JLEN
portfolio, building the scale of our battery portfolio and
leveraging the experience and expertise we have in this sector. We
believe that projects such as these will be a vital tool in helping
to balance demand on the local electricity network and will become
increasingly important over the long-term as more renewable energy
infrastructure comes onto the grid."
For f urth er information and enquiries, please contact:
Foresight Group +44 (0)20 3667 8100
Chris Tanner
Chris Holmes
Winterflood Investment Trusts +44 (0)20 3100 0000
Neil Langford
Chris Mills
SEC Newgate (For media enquiries) +44 (0)20 3757 6882
Elisabeth Cowell jlen@secnewgate.co.uk
Sanne Fund Services (Guernsey) Limited +44 (0)14 8175 5530
Matt Falla
Gemma Woods
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQLLMRTMTTTBJT
(END) Dow Jones Newswires
September 30, 2022 02:00 ET (06:00 GMT)
Jlen Environmental Assets (LSE:JLEN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Jlen Environmental Assets (LSE:JLEN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024