RCS - JLEN Environmental - First battery energy storage investment now online
01/06/2023 07:00
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RNS Number : 2425B JLEN Environmental Assets Group Ltd 01 June 2023
1 June 2023
REACH
JLEN Environmental Assets Group Limited
First battery energy storage investment now online
JLEN Environmental Assets Group Limited ("JLEN" or the "Company"), the listed
environmental infrastructure fund, is pleased to announce the successful
launch of its first grid-scale battery project, with the West Gourdie 50MW
lithium-ion plant having started commercial operations.
Battery energy storage systems are playing an increasingly important role in
the energy transition and the West Gourdie plant, situated in Dundee,
Scotland, will provide critical balancing support to the GB electricity grid
network, reducing system imbalance and volatility.
The construction of the project was undertaken by EPC Contractor Anesco
Limited, with management oversight from the Foresight Group construction team
and DNV-GL, the appointed Owners Engineer. The project will be operated by
Flexitricity with Green Nation set to provide asset management services, while
Anesco will provide operations and maintenance services.
Chris Tanner, Investment Manager for JLEN commented: "Seeing JLEN's first
battery storage investment become operational is a significant milestone for
the Company. Battery energy storage projects play a vital role in advancing
the decarbonisation agenda by reducing system imbalance, enhancing the grid's
ability to harness a greater level of intermittent renewables. Investments
such as these provide attractive returns over time, we are therefore pleased
to have provided JLEN investors with exposure to this exciting asset class and
look forward to advancing our other battery storage assets to commercial
operations, in order to create further capital growth for our shareholders."
For further information please contact:
Foresight Group +44(0)20 3667 8100
Chris Tanner
Ed Mountney
Wilna de Villiers institutionalir@foresightgroup.eu
Winterflood Securities Limited +44(0)20 3100 0000
Neil Langford
SEC Newgate +44 (0)20 3757 6882
Elisabeth Cowell Jlen@secnewgate.co.uk
Alice Cho
Harry Handyside
Sanne Fund Services (Guernsey) Limited +44 (0)20 3530 3600
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 2024 is 7.57 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
(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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