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Net Asset Value and Dividend Declaration

Released 07:00 15-Aug-2019

RNS Number : 1063J
John Laing Environmental Assets Grp
15 August 2019

15 August 2019



("JLEN" or the "Company")

Net Asset Value and Dividend announcement



JLEN, the listed environmental infrastructure fund, announces its unaudited Net Asset Value ("NAV") as at 30 June 2019 and interim dividend for the quarter ended on that date.

The Company's unaudited NAV as at 30 June 2019 was £511.7 million or 103.0 pence per share, compared to £520.3 million or 104.7 pence per share as at 31 March 2019. The main driver is updated electricity and gas price forecast assumptions, which have reduced the NAV by 1.7p per share. Other material assumptions remain unchanged from the year end.

Portfolio update

For the quarter to 30 June 2019, generation for the solar portfolio was marginally below budget which can be attributed to slightly lower than average solar irradiation and an outage at Branden Solar park which has now been rectified.

The anaerobic digestion ("AD") portfolio continued the positive trend observed previously, outperforming the budget for the period.

The wind portfolio was below budget reflecting poor wind resource in the UK, a trend which has been reflected across the industry.  The performance was also impacted by the lower than warranted availability of some of the windfarms with Senvion turbines, due to the ongoing financial position of Senvion, although this was anticipated and a provision made at the year end.

In aggregate, the renewables portfolio saw generation c. 4% below budget. The waste and wastewater assets have performed in line with budget.


The Company announces a quarterly interim dividend of 1.665 pence per share for the quarter ended 30 June 2019, in line with the dividend target of 6.66p per share for the year to 31 March 2020, as set out in the 2019 Annual Report.

Dividend Timetable
Ex-dividend date 22 August 2019
Record date 23 August 2019
Payment date 20 September 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:


Foresight Group                                                                             020 3667 8100

Chris Tanner

Chris Holmes

Winterflood Investment Trusts                                                  020 3100 0000

Neil Langford

Chris Mills


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.

JLEN aims to provide investors with an annual dividend that is sustainable and increases in line with inflation. The target dividend for the year to 31 March 2020 is 6.66 pence per share (1). The dividend is payable quarterly.


Further details of the Company can be found on its website



(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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Net Asset Value and Dividend Declaration - RNS