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2 Apr 2020 07:00
2 April 2020
JLEN ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Investment in Peacehill Farm Anaerobic Digestion plant
JLEN, the listed environmental infrastructure fund, is pleased to announce an investment in the Peacehill Farm anaerobic digestion (AD) plant for an aggregate amount of c.£11m. The investment consists of the provision of a debt facility and subscription for a minority equity stake in JLEAG AD Limited, which holds, through its wholly owned subsidiary Peacehill Gas Limited, the rights and operational assets at the Peacehill Farm AD plant.
The Peacehill Farm AD plant, located in Wormit, Fife, Scotland, was commissioned in December 2015. The plant has a thermal capacity of c.5MWth and predominantly produces biomethane exported to the national gas grid. In addition, the plant also has a 0.25MWe CHP engine on site. The Peacehill Farm AD plant is accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT) schemes.
The Peacehill Farm AD plant is JLEN's eighth investment in the agricultural AD sector which, building upon past experience of successfully acquiring and managing similar plants, further cements JLEN's position as a leading investor in this asset class. This investment increases the total capacity of renewable energy assets in the JLEN investment portfolio to 302.9MW.
The transaction was funded by a draw-down under the Company's revolving credit facility.
Richard Morse, the JLEN Chairman, said "We are pleased to build upon our growing portfolio of agricultural anaerobic digestion plants through the acquisition of the Peacehill Farm AD plant. As with our other AD plants, it has a proven operational history and is supported by a high proportion of inflation-linked revenues backed by government subsidy regimes. We look forward to working with our partners at Peacehill Farm."
For further details contact:
Foresight Group +44 (0)20 3667 8100
Chris Tanner
Chris Holmes
Winterflood Investment Trusts +44 (0)20 3100 0000
Neil Langford
Chris Mills
Newgate Communications +44 (0)20 3757 6880
Elisabeth Cowell
Ian Silvera
Praxis Fund Services +44 (0)14 8175 5530
Matt Falla
About JLEN
JLEN's investment policy is to invest in environmental infrastructure projects that have the benefit of long-term, predictable, wholly or partially inflation-linked cash flows supported by long-term contracts or stable regulatory frameworks.
Environmental Infrastructure is defined by the Company as infrastructure projects that utilise natural or waste resources or support more environmentally-friendly approaches to economic activity. This could involve the generation of renewable energy (including solar, wind, hydropower and biomass technologies), the supply and treatment of water, the treatment and processing of waste, and projects that promote energy efficiency.
JLEN's aim is to provide investors with an annual dividend that is sustainable and increase in line with inflation. The target dividend for the year to 31 March 2020 is 6.66 pence per share. The dividend is payable quarterly.
Further details of the Company can be found on its website www.jlen.com
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