Jlen Environmental Acquires Anaerobic Digestion Plant In Norfolk

(Alliance News) - Jlen Environmental Assets Group Ltd on Thursday said it bought Warren Power Ltd ...

Alliance News 29 August, 2019 | 11:09AM
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(Alliance News) - Jlen Environmental Assets Group Ltd on Thursday said it bought Warren Power Ltd for an initial consideration of GBP14.8 million, plus potential deferred payments of up to GBP800,000.

Warren Energy holds the rights and operational assets in Methwold, Norfolk, that make up the anaerobic digestion plant. The plant was commissioned in March 2016 and has a thermal capacity of 5 thermal megawatts. It predominantly produces biomethane to be injected to the national gas grid.

The environmental infrastructure fund said the plant was acquired from EIS funds managed by Amersham Investment Management Ltd and minority shareholder, Future Biogas Ltd, which will continue to provide management, operations and maintenance services to the plant after acquisition.

This acquisition increases the total capacity of renewable energy assets in the Jlen investment portfolio to 286.2 megawatts and further diversifies the company's portfolio, it said.

The acquisition was funded by a draw-down on Jlen's revolving credit facility.

"We are pleased with JLEN's continued investment in the anaerobic digestion sector, with this acquisition of its second anaerobic digestion plant in Norfolk, complementing Jlen's Egmere plant located nearby," said Chair Richard Morse.

"We also value this opportunity to conclude a second transaction with Amersham and look forward to working with our partner, Future Biogas, to continue the strong performance of this asset," added Morse.

Jlen shares were trading 0.7% lower on Thursday in London at 117.24 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
JLEN Environmental Assets Group Ord 110.40 GBX 2.22 -

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