JLEN: Acquisition

2nd April 2020 | ‘JLEN’

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.”

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