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Net Asset Value and Dividend

Released 07:00 07-Mar-2019

RNS Number : 0835S
John Laing Environmental Assets Grp
07 March 2019


7 March 2019



("JLEN" or the "Company")


Net Asset Value and Dividend


JLEN, the listed environmental infrastructure fund, announces its unaudited Net Asset Value ("NAV") as at 31 December 2018 and interim dividend for the quarter ended on that date.


The Company's unaudited NAV as at 31 December 2018 was £510.8 million or 102.8 pence per share, compared to £395.7 million or 100.4 pence per share as at 30 September 2018.The portfolio valuation at 31 December 2018 was £519.2 million.


The Company announces a quarterly interim dividend of 1.6275 pence per share for the period from 1 October 2018 to 31 December 2018, in line with the dividend target set out in the 2018 Annual Report. The dividend timetable can be found below.

Portfolio update

Generation for the quarter was in line with budget at 205.1GWh. Generation from solar assets was on budget. Generation from the wind assets was slightly below budget, offset by above budget generation from the anaerobic digestion ("AD") assets.

Assumptions regarding electricity price forecasts were updated from those used at 30th September 2017, adding 0.6p to the NAV. Increased price expectations in the medium term have been partially offset by decreases at the longer-dated end of the curve. For reference, the rate of real growth on a constant basis is 0.2% (30 September 2018: 0.4%).

Discount rates have been updated in respect of the wind and AD portfolios, to reflect JLEN's market experience. The weighted average discount rate is 8.0% (30 September 2018: 8.2%), adding 2.1p to the NAV. The discount rate range remains unchanged at 6.5%-9.8%)

JLEN is undergoing a review of the life extension potential of its wind and solar assets and expects to include life extensions for those projects where extended land rights have been negotiated unless there are technical or other grounds for considering that the project is unlikely to be able to operate profitably beyond the current standard 25 year life assumption. The results of this review will be included in the Annual Report for 2018/19, where it is expected to exceed the previous sensitivity provided of 1.2p uplift for life extensions on 25% of the wind and solar portfolios. JLEN will also provide an update on the potential impact of refinancing activity that is taking place across a number of wind and solar projects and the assumed impact on wind and solar projects' embedded benefit revenues from the Ofgem 'Targeted Charging Review' that is currently under consultation.



Dividend Timetable

Ex-dividend date 14 March 2019

Record date 15 March 2019

Payment date 29 March 2019



This announcement contains information that is inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.




For further details contact:


John Laing Capital Management Limited                                 020 7901 3559

Chris Tanner

Chris Holmes


Winterflood Investment Trusts                                                  020 3100 0000

Neil Langford

Chris Mills


Praxis Fund Services Limited                                                    01481 737600

Matt Falla

Gemma Woods




About JLEN

JLEN's investment policy is to invest in environmental infrastructure projects that have the benefit of long-term, predictable, wholly or partially inflation-linked cash flows supported by long-term contracts or stable regulatory frameworks.


Environmental Infrastructure is defined by the Company as infrastructure projects that utilise natural or waste resources or support more environmentally-friendly approaches to economic activity. This could involve the generation of renewable energy (including solar, wind, hydropower and biomass technologies), the supply and treatment of water, the treatment and processing of waste, and projects that promote energy efficiency.


Further details of the Company can be found on its website




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Net Asset Value and Dividend - RNS