JLEN Environmental Assets Group Ltd Second Green Hydrogen Investment (3935F)
10 Juli 2023 - 9:00AM
UK Regulatory
TIDMJLEN
RNS Number : 3935F
JLEN Environmental Assets Group Ltd
10 July 2023
10 July 2023
JLEN Environmental Assets Group Limited
Second green hydrogen investment
JLEN Environmental Assets Group Limited ("JLEN" or the
"Company"), the listed environmental infrastructure fund, is
pleased to announce its investment up to the value of EUR 9.2m into
the Company's second green hydrogen development opportunity, also
in Germany, alongside a consortium including other Foresight
managed funds and its development partner HH2E, a specialist in
developing green hydrogen projects to decarbonise industry.
The green hydrogen production site is located in Lubmin, Germany
and is capable of producing over 6,000 tonnes (200,000 MWh) of
green hydrogen per annum during the first 100 MW phase, which will
encompass electrolysis and integrated high-capacity battery
storage. Subsequent expansion phases are expected to increase
capacity to over 1 GW, with annual production exceeding 60,000
tonnes of green hydrogen.
The Lubmin plant will be built and operated by HH2E and will
serve green hydrogen customers and offtakers, including the
mobility sector and large-scale energy and industrial consumers.
Lubmin benefits from excellent pre-existing grid infrastructure,
including two LNG terminals, built in 2022, which connect the town
with the country's pipeline network.
The consortium of investors has approved the Preliminary
Investment Decision and the initial investment is being utilised
for detailed engineering designs and the procurement of long lead
items. The Final Investment Decision is expected in the coming
months, with construction of the plant commencing immediately
thereafter.
This follows an announcement made in January to invest in the
Thierbach green hydrogen project near Borna in Germany in
partnership with HH2E. Both opportunities are expected to provide
attractive returns compared to the portfolio average.
Ed Warner, Chair of JLEN, said:
"We are pleased to be making good progress with our partnership
with HH2E, which is poised to become one of the largest producers
of green hydrogen in Europe. They have a deep understanding of the
sector and they are highly capable of developing attractive
opportunities to unlock value for investors. Hydrogen has an
important role to play in decarbonising heavy transport, industry,
and other hard-to-abate sectors of the economy. Investing in this
sector will remain an important near-term focus for the Company as
we continue to assess opportunities to recycle capital within the
portfolio."
For further information please contact:
Foresight Group
Chris Tann er
Edward Mountney +44(0)20 3667 8100
Wilna de Villiers institutionalir@foresightgroup.eu
Winterflood Securities Limited
Neil Langford +44(0)20 3100 0000
SEC Newgate +44 (0)20 3757 6882
Elisabeth Cowell Jlen@secnewgate.co.uk
Alice Cho
Harry Handyside
Sanne Fund Services (Guernsey)
Limited
Matt Falla
Gemma Berry +44 (0)20 3530 3600
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 2024 is 7.57 pence per
share(1) .
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
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.
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. In 2022 it agreed a financing
deal with institutional investors to develop 5 sites in Germany.
Learn more about the company, technology, projects and career
opportunities at www.hh2e.com
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