TIDMJLEN
RNS Number : 8905N
JLEN Environmental Assets Group Ltd
26 January 2023
26 January 2023
JLEN ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Acquisition of equity stake in green hydrogen project in
Germany
JLEN, the listed environmental infrastructure fund, is pleased
to announce its first investment into the green hydrogen sector
with the acquisition of a 33% equity stake in Foresight Hydrogen
Holdco GmbH ("FHHG").
FHHG holds a 75% stake in HH2E Werk Thierbach GmbH, a Special
Purpose Vehicle which owns the development rights to the Thierbach
green hydrogen project ("Thierbach"), a large green hydrogen
production plant near Borna in Germany, capable of producing around
6,000 tonnes (over 200,000MWh) of green hydrogen per year during
the first 100MW phase. Green hydrogen will be produced through
electrolysis powered by renewable electricity. The project will
also integrate battery storage.
Thierbach is currently under development by HH2E AG ("HH2E"), a
developer of hydrogen projects in Germany.
FHHG also owns 7.6% of HH2E and holds the right to majority fund
future projects developed by HH2E.
Thierbach will serve green hydrogen customers and off-takers,
including leading players in the mobility sector, large-scale
energy and industrial consumers such as the chemical industry and
commercial air and road transport operators. Further expansion is
planned in the future to increase the capacity of the plant to over
1GW with an annual production of over 60,000 tonnes of green
hydrogen.
The investment has been made alongside Foresight Energy
Infrastructure Partners ("FEIP") and Foresight ITS, with both JLEN
and FEIP acquiring their respective 33% interests in FHHG from
Foresight ITS. The transaction will see JLEN invest up to EUR5.7m
in FHHG alongside FEIP and Foresight ITS to bring Thierbach to a
construction-ready stage. This acquisition represents JLEN's first
development-stage hydrogen investment and comes with rights secured
to fund the development and build-out of Thierbach and a pipeline
of further green hydrogen projects alongside HH2E.
Ed Warner, Chair of JLEN, said: "We are delighted to be making
our first investment into green hydrogen. The efforts of the German
government and German industry to make Germany one of the leading
markets in the emerging hydrogen economy are clear and we believe
that this transaction presents JLEN with an excellent opportunity
to invest on an ongoing basis as the market matures. We are excited
to be partnering with the HH2E team, who have demonstrated their
deep understanding of the hydrogen sector and their ability to
develop attractive opportunities."
Chris Holmes, Co-Lead Investment Manager of JLEN commented: "The
hydrogen sector is growing at pace and presents significant
opportunities for JLEN. This investment in HH2E, alongside its
investment in a suite of green hydrogen projects in the North West
of England, underlines the commitment and skill set of the
Investment Manager to this exciting sector."
Andreas Schierenbeck, co-founder and board member of HH2E, said
: "Domestic green hydrogen production is crucial to secure a key
role for Germany in the future global green energy sector, a sector
that is receiving major support from governments in all the world's
major economies. German industries will more easily be able to
remain competitive if they are not totally dependent on energy
imports.
"The technology mix developed by HH2E harnesses the volatility
of renewable energy production by combining an alkaline
electrolyser with a high-capacity battery, which enables constant
production of cost-competitive green hydrogen without a permanent
supply of power."
This announcement contains information that is inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014.
For further information, please contact:
Foresight Group +44 (0)20 3667 8100
Chris Tanner
Chris Holmes
Edward Mountney
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 Berry
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.
JLEN is an Article 9 fund under the EU Sustainable Finance
Disclosure Regulation and has a transparent and award winning
approach to ESG.
Further details of the Company can be found on its website
www.jlen.com
About HH2E
HH2E is a new green energy company in Germany founded to bring
about immediate change. Its technology mix can convert a variable
input of solar or wind energy into a constant flow of competitively
priced green hydrogen, heat and carbon-free electricity to power
local industries and communities. It recently agreed a financing
deal with two institutional investors to develop a further 5 sites
in Germany. Learn more about the company, technology and projects
at www.hh2e.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
ACQBAMPTMTJTBRJ
(END) Dow Jones Newswires
January 26, 2023 02:00 ET (07:00 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