JLEN has reported a drop in net asset value (NAV) in its full year results ending 31 March 2021, compared to the previous financial year (FY).
NAV per ordinary share was 92.2 pence at 31 March 2021, compared with 97.5 pence in FY ending 31 March 2020.
The result reflects the impact of an increase in UK corporation tax rates from 19% to 25% from April 2023, which has been applied for the remainder of the life of the portfolio, and a downward revision to electricity and gas price forecasts, JLEN said.
Portfolio highlights include six acquisitions completed during the year increasing the portfolio to a total of 36 assets.
JLEN’s diversified portfolio consists of 32% wind, 26% anaerobic digestion, 21% solar, 17% waste and wastewater, 2% low carbon and energy efficiency and 2% hydro by value.
The company highlighted solid performance from the portfolio, which generated 0.4% above target with the anaerobic digestion and solar portfolios both outperforming against generation targets and wind performing marginally below its generation target.
JLEN said it has a strong pipeline of diversified assets for further growth and post the year end in May 2021 the company raised £56.9m in an oversubscribed placing as well as agreeing a new £170m revolving credit facility expiring in May 2024.
JLEN chairman Richard Morse said: “JLEN’s portfolio has been resilient throughout the Covid-19 period and is well placed for the recovery.
“There has been continued diversification into new sectors and shareholders recently approved an updated investment policy that emphasises JLEN’s aim of investing in environmental infrastructure that supports the transition to a low carbon economy or which mitigates the effects of climate change.”