30 September 2022

JLEN Environmental Assets Group Limited

("JLEN" or the "Company")

Acquisition of a 49.9 MW battery storage project

JLEN, the listed environmental infrastructure fund, is pleased to announce the acquisition of a 50% equity stake in Gigabox No 4 Limited ("Gigabox No 4").   Gigabox No 4 holds the development rights to construct a 49.9MW lithium-ion battery energy storage plant based in Angus, Scotland. 

The investment has been made alongside Foresight Solar Fund Limited and the acquisition will see JLEN invest up to £16.4m.  The project is fully consented and construction ready and is expected to start commercial operations in early 2024.  The project will be connected to the Scottish Hydro Electric Power Distribution plc's distribution network and has a 49.9MW import and export connection.   The connection will be initially with a capacity of 45MW, increasing to the full 49.9MW capacity by early 2025.

This acquisition represents JLEN's sixth investment into battery storage systems, adding to the two co-located batteries that the Company owns as part of its run-of-river hydro portfolio, as well as a further three standalone projects located in the UK.

Ed Warner, Chair of JLEN, said:

"We are pleased to add another battery project to the JLEN portfolio, building the scale of our battery portfolio and leveraging the experience and expertise we have in this sector. We believe that projects such as these will be a vital tool in helping to balance demand on the local electricity network and will become increasingly important over the long-term as more renewable energy infrastructure comes onto the grid."

For further information and enquiries, please contact:

Foresight Group                                                                               +44 (0)20 3667 8100

Chris Tanner

Chris Holmes

Winterflood Investment Trusts                                                     +44 (0)20 3100 0000

Neil Langford

Chris Mills

SEC Newgate (For media enquiries)                                            +44 (0)20 3757 6882

Elisabeth Cowell                                                                               jlen@secnewgate.co.uk

Sanne Fund Services (Guernsey) Limited                                   +44 (0)14 8175 5530

Matt Falla

Gemma Woods

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 2023 is 7.14 pence per share¹.  The dividend is payable quarterly.

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.