First battery energy storage investment now online
1 June 2023
REACH
JLEN Environmental Assets Group Limited
First battery energy storage investment now online
JLEN Environmental Assets Group Limited ("JLEN" or the "Company"), the listed environmental infrastructure fund, is pleased to announce the successful launch of its first grid-scale battery project, with the West Gourdie 50MW lithium-ion plant having started commercial operations.
Battery energy storage systems are playing an increasingly important role in the energy transition and the West Gourdie plant, situated in Dundee, Scotland, will provide critical balancing support to the GB electricity grid network, reducing system imbalance and volatility.
The construction of the project was undertaken by EPC Contractor Anesco Limited, with management oversight from the Foresight Group construction team and DNV-GL, the appointed Owners Engineer. The project will be operated by Flexitricity with Green Nation set to provide asset management services, while Anesco will provide operations and maintenance services.
Chris Tanner, Investment Manager for JLEN commented: "Seeing JLEN's first battery storage investment become operational is a significant milestone for the Company. Battery energy storage projects play a vital role in advancing the decarbonisation agenda by reducing system imbalance, enhancing the grid's ability to harness a greater level of intermittent renewables. Investments such as these provide attractive returns over time, we are therefore pleased to have provided JLEN investors with exposure to this exciting asset class and look forward to advancing our other battery storage assets to commercial operations, in order to create further capital growth for our shareholders."
For further information please contact:
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Foresight Group Chris Tanner Ed Mountney |
+44(0)20 3667 8100
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Wilna de Villiers |
institutionalir@foresightgroup.eu |
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Winterflood Securities Limited Neil Langford
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+44(0)20 3100 0000
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SEC Newgate Elisabeth Cowell Alice Cho Harry Handyside
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+44 (0)20 3757 6882 Jlen@secnewgate.co.uk
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Sanne Fund Services (Guernsey) Limited Matt Falla Gemma Berry
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+44 (0)20 3530 3600 |
About JLEN
JLEN's investment policy is to invest in a diversified portfolio of Environmental Infrastructure. Environmental Infrastructure is defined by the Company as infrastructure assets, projects and asset-backed businesses that utilise natural or waste resources or support more environmentally friendly approaches to economic activity, support the transition to a low carbon economy or which mitigate the effects of climate change. Such investments will typically feature one or more of the following characteristics:
· long-term, predictable cash flows, which may be wholly or partially inflation-linked cash flows;
· long-term contracts or stable and well-proven regulatory and legal frameworks; or
· well-established technologies, and demonstrable operational performance
JLEN's aim is to provide investors with a sustainable, progressive dividend per share, paid quarterly and to preserve the capital value of the portfolio over the long term on a real basis. The target dividend for the year to 31 March 2024 is 7.57 pence per share1. The dividend is payable quarterly.
JLEN is an Article 9 fund under the EU Sustainable Finance Disclosure Regulation and has a transparent and award winning approach to ESG.
Further details of the Company can be found on its website www.jlen.com
LEI: 213800JWJN54TFBMBI68
(1) These are targets only and not profit forecasts. There can be no assurance that these targets will be met or that the Company will make any distributions at all.
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