Jlen Environmental Assets Grp Partnership Commitment (1226B)
28 January 2020 - 6:01PM
UK Regulatory
TIDMJLEN
RNS Number : 1226B
Jlen Environmental Assets Grp
28 January 2020
28 January 2020
JLEN ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Partnership Commitment
JLEN, the listed environmental infrastructure fund, is pleased
to announce a commitment of EUR25m to Foresight Energy
Infrastructure Partners SCSp ("FEIP"), a Luxembourg limited
partnership investment vehicle.
FEIP aims to generate returns from investing in a portfolio of
diversified infrastructure assets that contribute to the
decarbonization of electricity networks. The majority of
investments will be in construction-stage European renewable energy
generation infrastructure such as wind farms and solar parks, and
FEIP also has an allocation to renewable enabling infrastructure
such as energy storage, and transmission and distribution assets
that complement intermittent generation assets. FEIP has identified
an initial portfolio that includes European construction-stage wind
and solar assets and operational battery storage assets.
The investment in FEIP will allow JLEN to further diversify its
geographic and technology exposure, while also gaining an
allocation to construction stage assets which is expected to
enhance returns. Given construction stage assets can only represent
a small part of the Company's portfolio, the FEIP investment allows
a greater level of diversification than would be possible with
direct investments providing for a more attractive risk-adjusted
return profile. JLEN's commitment to FEIP will also open the
possibility of future co-investment opportunities on a selective
basis. JLEN will be excused from any FEIP investment that is not
consistent with JLEN's investment policy.
Any management fees payable by FEIP in connection with JLEN's
commitment will be rebated to JLEN. A carried interest is due to
the manager, subject to a hurdle rate.
Richard Morse, Chairman of JLEN, said:
"This commitment to FEIP enables JLEN to make further use of its
broad environmental infrastructure mandate, gaining exposure to
additional European renewables markets and to higher returning
construction-stage assets. Future opportunities for co-investment
may also be of interest as JLEN continues to offer investors one of
the most diversified propositions in the Listed Renewables
sector".
Foresight Group
Chris Tanner
Chris Holmes +44(0)20 3667 8100
Winterflood Investment Trusts
Neil Langford
Chris Maills +44(0)20 3100 0000
Newgate Communications
Elisabeth Cowell
Ian Silvera +44(0)20 3757 6880
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 increases 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
LEI: 213800JWJN54TFBMBI68
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END
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