Jlen Environmental: Acquisition
01/08/2022 07:00
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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 further 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 (mailto: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
(http://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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