Acquisition

RNS Number : 3476U

JLEN Environmental Assets Group Ltd

01 August 2022

 

1 August 2022

JLEN Environmental Assets Group Limited

("JLEN" or the "Company")

Acquisition of a 50 MW battery storage project

JLEN, the listed environmental infrastructure fund, is pleased to announce the acquisition of a 50% equity stake in Clayfords Energy Storage Limited ("CESL") from Intelligent Land Investment Group. CESL holds the development rights to construct a 50MW lithium-ion battery energy storage plant based in Buchan, Aberdeenshire, UK. 

The investment has been made alongside Foresight Solar Fund Limited and the acquisition will see JLEN invest up to £14.1m.  The project is fully consented and construction ready and is expected to start commercial operations in Q4 2024.

Storage projects such as this one provide vital support to the National Grid by reducing system imbalance and enhancing the grid's ability to harness a greater level of intermittent renewables on the system.  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.

This acquisition represents JLEN's fifth 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 the standalone projects acquired in 2021 - the West Gourdie project located in Scotland and the Sandridge Battery project located in Wiltshire, England.

Richard Ramsay , Senior Independent Director of JLEN, said:

"We are pleased to announce JLEN's latest investment into the energy storage market which is our third grid-scale battery project and the fifth asset to be added to JLEN's portfolio of battery energy storage systems. We continue to believe that these projects play an important role in the decarbonisation agenda by providing balancing support to the local network and allowing for greater levels of renewable generation and can also augment the capacity on the grid during times of high demand which helps to support our energy security needs."

For f u rt h e r information and enquiries, please c on t a c t :

Foresight Group Chris Tanner Chris Holmes	[phone]
Winterflood Investment Trusts Neil Langford Chris Mills	[phone]
SEC Newgate (For media enquiries) Elisabeth Cowell	[phone] [e-mail]
Sanne Fund Services (Guernsey) Limited Matt Falla Gemma Woods	[phone]

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 share¹.  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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