Announcement of results for the year ended 31 March 2021

The Directors of JLEN Environmental Assets Group Limited (the “Company” or “JLEN”), the listed environmental infrastructure fund, are pleased to announce the Company’s results for the year ended 31 March 2021.

Financial highlights

• Portfolio valuation as at 31 March 2021 of £571.4m (31 March 2020: £537.1m)
• NAV per ordinary share of 92.2 pence as at 31 March 2021 (31 March 2020: 97.5 pence), reflecting the impact of an increase in UK corporation tax rates from 19% to 25% from April 2023, which has been applied for the remainder of the life of the portfolio, and a downward revision to electricity and gas price forecasts
• Total dividends declared of 6.76 pence per ordinary share for the year to 31 March 2021 (2020: 6.66 pence per ordinary share), in line with the target set out in the 2020 Annual Report. Dividend cover of 1.07 times for the financial year
• Target dividend for the year to 31 March 2022 of 6.80 pence per ordinary share
• Share price total return for the period since IPO of 65.3% (7.4% annualised)

Portfolio highlights

• Six acquisitions completed during the year increasing the portfolio to a total of 36 assets
• First acquisitions in the standalone battery and low carbon transport sectors, increasing the Company’s diversification
• Diversified portfolio now 32% wind, 26% AD, 21% solar, 17% waste and wastewater, 2% low carbon & energy efficiency and 2% hydro by value
• Solid performance from the portfolio, which generated 0.4% above target with the AD and solar portfolios both outperforming against generation targets and wind performing marginally below its generation target

Other highlights

• Changes to investment policy approved by shareholders, recognising a broader definition of environmental infrastructure to reflect the growth of the market since the Company’s IPO in 2014, allowing the Company access to a wider pool of investment opportunities
• Strong pipeline of diversified assets for further growth
• Post the year end in May 2021 the Company raised £56.9 million in an oversubscribed placing
• Post the year end in May 2021, JLEN agreed a new ESG-linked £170 million revolving credit facility expiring in May 2024
• Appointment of Alan Bates and Jo Harrison to the Board of Directors, effective 10 June 2021

Richard Morse, Chairman of JLEN, said:

“JLEN’s portfolio has been resilient throughout the Covid-19 period and is well placed for the recovery. There has been continued diversification into new sectors and shareholders recently approved an updated investment policy that emphasises JLEN’s aim of investing in environmental infrastructure that supports the transition to a low carbon economy or which mitigates the effects of climate change.”