JLEN Environmental Assets Group has reported a portfolio valuation of £679m in its half year results to 30 September 2021, compared with £571.4m at the end of March.
Net asset value (NAV) per ordinary share was 98.4 pence at the end of the period, compared with 92.2 pence as of 31 March.
The increase was mainly due to an upward revision of the power price forecast and above forecast inflation during the period.
Portfolio highlights for the period include three acquisitions, giving a total of 39 assets, including investments in new sectors of biomass combined heat and power and energy-from-waste.
JLEN’s diversified portfolio by value consists of 29% wind, 24% anaerobic digestion (AD), 18% solar, 25% waste and wastewater, 2% hydro and 2% low carbon and energy efficiency.
Operating performance of the portfolio during the six-month period was positive from several sectors of the portfolio, with agri AD, solar, hydro and a network of refuelling stations all exceeding their generation targets.
The main detractor for the period was the wind portfolio, which was materially below generation target due to low wind resource.
The Company raised £56.9m in an oversubscribed placing in May 2021.
JLEN chairman Richard Morse said: “The portfolio has performed well, in both operational and financial terms, bolstered by significant increases in projected power prices and despite some challenges due to exceptionally low wind speeds during the period.
“The recent bioenergy acquisitions provide potential for value enhancement and the pipeline includes value accretive opportunities.
“Our portfolio is well positioned to support the UK’s decarbonisation strategy on the back of COP26 while providing attractive returns to shareholders.”