JLEN Environmental Assets Group achieved just over £16m in profit before tax for the six-month period ending 30 September 2019, impacted by reduced availability at some wind farms.
The renewables asset investor recorded £16.2m in profit before tax in its half-year results ending 30 September 2019 compared with £16.1m for the same period in 2018.
According to JLEN, formerly known as John Laing Environmental Assets, operating performance of its environmental infrastructure portfolio during the six-month period ended 30 September 2019 was “generally satisfactory, with some exceptions”.
Wind generation was 2.1% below budget, compared with the same six-month period last year, it said.
“This primarily due to poor availability for wind farms where Senvion provides operations and maintenance services,” said JLEN.
A number of turbines suffered prolonged outages as Senvion “struggled to provide satisfactory resources given their well-publicised financial difficulties”, the company said.
JLEN, however, said it had anticipated weaker performance of these assets at the start of the year and had made a provision equivalent to a reduction in availability of 5%.
Solar generation was 0.6% below budget, compared with the same period in 2018, “driven by solar irradiation above long-term average throughout the period and particularly in May and August”.
The company’s anaerobic digestion portfolio continued to outperform, according to JLEN, with gas generation 2.7% above budget compared with the same period last year.
During the period, the renewables segment of the portfolio produced 375 gigawatt-hours of electricity.
As of 30 September the portfolio valuation was £543.6m, compared with £523.6m on 31 March 2019.
As of the end of September JLEN’s diversified portfolio consist of 42% wind, 24% anaerobic digestion, 23% solar, 10% waste and wastewater and 1% hydropower by value.