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JLEN's NAV p/s down slightly in FY 2017/18

10.7-MW Monksham Solar in Frome, Somerset. Source: JLEN (http://jlen.com). License: All Rights Reserved.

June 14 (Renewables Now) - Net asset value (NAV) per share at John Laing Environmental Assets Group Ltd (LON:JLEN) has declined slightly during its financial year ended March 31, 2018, to GBP 0.996 from GBP 1.001 at the end of March 2017.

The UK environmental infrastructure investment fund said today NAV per share was affected by decreases in forecasts for long-term electricity prices and a reduction in value of its Dumfries and Galloway waste project, which were largely offset by a change in the discount rate for UK wind assets and portfolio enhancements and savings.

JLEN ended the year with a portfolio of 24 solar, onshore wind, waste and wastewater and anaerobic digestion (AD) projects in the UK and France, representing 259.2 MW of capacity. During the year it made six acquisitions which added 81.8 MW to its portfolio and included the firm's first two AD investments. The portfolio valuation has increased to GBP 429.5 million ( USD 576.6m/EUR 487.6m) from GBP 327.6 million over the 12 months.

Generation from the renewable energy assets in the financial years was 0.3% below budget, the company said. The largest portfolio segment onshore wind was on budget and the AD assets showed "encouraging performance." Generation from the solar portfolio, however, was 9.4% below budget, reflecting low irradiation and ongoing issues with the Branden solar project.

"We continue to see attractive opportunities across environmental infrastructure sectors and have put ourselves in a strong position to take advantage of this with the improved revolving credit facility and Share Issuance Programme," said JLEN chairman Richard Morse. 

(GBP 1 = USD1.342/EUR 1.135)  

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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