JLEN, the listed environmental infrastructure fund, is pleased to announce the acquisition of Northern Hydropower Holdings Limited (“NHHL”) for a total consideration, including working capital, of £4.74 million. NHHL owns 100% of the equity in Northern Hydropower Limited, which in turn holds the rights to two operational hydro projects, including a co-located operational battery storage system at one of the sites. The assets are located in Yorkshire and Cornwall.

This represents the Company’s second investment into run-of-river hydropower and battery storage, further increasing the diversification profile of the Company’s portfolio of environmental infrastructure projects including, wind, solar, anaerobic digestion, waste and wastewater.

NHHL has been acquired from a group of high-net-worth investors, which provided the original funding under an Enterprise Investment Scheme.

The Yorkshire-based assets are:

• Knottingley hydro, a 500kW dual turbine hydro project located on the River Aire, which was commissioned in October 2017
• a 1.2MW battery co-located at Knottingley, commissioned in January 2018;

The Cornish-based asset is:

• De Lank hydro, a 99kW hydro project located on the De Lank River, commissioned in October 2011.

Both hydro projects are accredited under the 20-year Feed-in-Tariff scheme.

This acquisition increases the total capacity of renewable energy assets in the JLEN investment portfolio to 304.7 MW.

The acquisition was funded by a draw-down under the Company’s revolving credit facility.

Richard Morse, Chairman of JLEN, said:

“We are pleased to make our second investment into run-of-river hydro and battery storage, building upon our existing portfolio in this sector. As with our other hydro assets, these projects have a proven operational history, benefit from strong contractual revenues and broaden the diversification within the JLEN portfolio.”

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