Net Asset Value and Dividend

JLEN Environmental Assets Group Ltd

03 August 2023

 

3 August 2023

JLEN Environmental Assets Group Limited

("JLEN" or the "Company")

Net Asset Value and Dividend Announcement

Net Asset Value

JLEN, the listed environmental infrastructure fund, announces that its unaudited Net Asset Value ("NAV") at 30 June 2023 is £801.4 million (121.1 pence per share), a decrease of 2.0 pence per share since 31 March 2023 after paying the quarterly dividend of 1.8 pence per share.

Valuation factors

Key valuation movements include price fixes secured above previous valuation assumptions (+0.4p) and an uplift from recognition of actual quarterly inflation data in excess of valuation assumptions (+2.4p). The uplift was offset by downward revisions to near term seasonal forwards and forecasts provided by independent third-party consultants net of the Electricity Generator Levy (-1.0p) and discount rate increases averaging 50 bps across the operating portfolio (-3.3p) bringing the overall Weighted Average Discount Rate to 8.9%.

Summary of changes in NAV:

	NAV per share
NAV at 31 March 2023	123.1p
Dividends paid in the period	-1.8p
Power prices (loss from downward revision from forecasts offset by price fixes secured above valuation assumptions)	-0.6p
Inflation	2.4p
Discount rate changes	-3.3p
Other movements (including actual performance)	1.3p
NAV at 30 June 2023	121.1p

Gearing

At 30 June 2023 project level gearing is 18% and overall gearing is 28%, with the Company's Revolving Credit Facility ("RCF") £116.7m drawn from a total facility size of £200m. The Company continues to maintain sufficient headroom in its RCF to finance its hard commitments relating to construction assets held within the portfolio.

Dividend

The Company also announces a quarterly interim dividend of 1.89 pence per share for the quarter ended 30 June 2023, in line with the dividend target of 7.57p per share for the year to 31 March 2024, as set out in the 2023 Annual Report.

Dividend timetable

Ex-dividend date     31 August 2023

Record date            1 September 2023

Payment date          22 September 2023

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 Chris Tanner Edward Mountney	[phone]
Wilna de Villiers	[e-mail]
Winterflood Securities Limited Neil Langford	[phone]
SEC Newgate Elisabeth Cowell Alice Cho Harry Handyside	[phone] [e-mail]
Sanne Fund Services (Guernsey) Limited Matt Falla Gemma Berry	[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 2024 is 7.57 pence per share¹. 

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.

 

END