(Alliance News) - JLEN Environmental Assets Group Ltd on Thursday recorded a rise in assets over financial 2020, as its portfolio was able to generate power over budget.
At March 31, environmental infrastructure investment fund - which will be joining the FTSE 250 later this month following the latest index review - recorded a NAV per share of 97.5 pence, down 6.9% on the 104.7p seen at the same point the year before.
The main driver for the NAV per share reduction has been the impact of the update of power price forecasts, the investor explained.
Net assets rose 2.4% over the period to GBP533.0 million from GBP520.3 million. JLEN raised GBP57 million in a placing of 10% of its issued share capital in February explaining the discrepancy between NAV per share and its asset.
JLEN's portfolio was valued at GBP537.1 million at the end of the period, up 2.6% on the GBP523.6 million recorded the year before.
"In an extraordinary year featuring falling power prices and the onset of the Covid-19 pandemic, JLEN has provided reliable income for investors while continuing to diversify its portfolio," Chair Richard Morse said.
During the year, overall generation from the renewable energy portfolio was 904 gigawatt hours, 3.0% over budget, excluding the Bio Collectors asset which has been owned for just one quarter.
Electricity generation from the wind assets - 51% of GWh energy generated - was 3.9% above budget.
Electricity generation from the solar assets - 8% of GWh energy generated - was 3.3% below budget.
The investor declared an annual dividend of 6.66p, up from 6.51p the year before and JLEN is targeting a 6.76p dividend for financial 2021.
JLEN added: "The board and the investment adviser consider that the wider market environment is favourable for the company's investment policy. While the Covid-19 pandemic has introduced a significant level of uncertainty into the global economy, established environmental infrastructure assets such as those favoured by the company have generally performed resiliently and continued to generate cash even as other asset classes and market sectors have struggled. Investors have noted this, and the listed renewables sector is expected to continue to see investor support."
Shares in JLEN Environmental Assets were down 0.9% in London on Thursday at 113.93 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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