JLEN: Half Year Report

25th November 2021 | JLEN Environmental Assets (FTSE 250)

The Directors of JLEN Environmental Assets Group Limited (the “Company” or “JLEN”), the listed environmental infrastructure fund, are pleased to announce the Company’s half-year results to 30 September 2021.

Financial highlights

  • Portfolio valuation as at 30 September 2021 of £678.8m (31 March 2021: £571.4m)
  • NAV per ordinary share of 98.4 pence as at 30 September 2021 (31 March 2021: 92.2 pence), increase primarily driven by an upward revision of the power price forecast and above forecast inflation during the period
  • Further interim dividend of 1.70 pence per share declared making total dividend declared for the six months to 30 September 2021 of 3.40 pence, in line with the target set out in the 2021 Annual Report. Cash dividend cover of 1.06 times on dividends declared during the period
  • Share price total return for the period since IPO of 63.6% (6.8% annualised)

Portfolio highlights

  • Three acquisitions completed in the period, giving a total of 39 assets, including investments in new sectors – biomass CHP and energy-from-waste
  • Diversified portfolio by value: 29% wind, 24% anaerobic digestion (“AD”), 18% solar, 25% waste and wastewater, 2% hydro and 2% low carbon & energy efficiency
  • Operating performance of the portfolio during the six-month period was positive from several sectors of the portfolio, with agri AD, solar, hydro and our network of CNG refuelling stations all exceeding their generation targets.
  • The main detractor for the period was the wind portfolio, which was materially below generation target due to low wind resource

Other highlights

  • Strong pipeline of diversified assets for further growth
  • The Company raised £56.9 million in an oversubscribed placing in May 2021
  • Announced 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

Dividend Timetable

Ex-dividend date: 2 December 2021

Record date: 3 December 2021

Payment date: 29 December 2021

Richard Morse, Chairman of JLEN, said:

“The portfolio has performed well, in both operational and financial terms, bolstered by significant increases in projected power prices and despite some challenges due to exceptionally low wind speeds during the period. The recent bioenergy acquisitions provide potential for value enhancement and the pipeline includes value accretive opportunities. Our portfolio is well positioned to support the UK’s decarbonisation strategy on the back of COP26 while providing attractive returns to shareholders.”

Below is an interview with the investment team, Chris Tanner & Chris Holmes who talk us through the highlights from the period

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