LONDON, UK: JLEN Environmental Assets Group Limited has acquired 100% equity stake in Rainworth Energy Limited (REL), for a consideration of £5.8 million subject to adjustment for working capital.
REL holds the rights and operational assets that make up the Rainworth anaerobic digestion (AD) plant, a 2.2MW electrical plant based in Nottinghamshire, UK, close to an existing AD plant held by JLEN, Biogas Meden.
The plant has been operational since 2016 and supplies both heat and power to Center Parcs’ Sherwood Forest resort. The plant is permitted to accept up to 42,400tpa of feedstock per year and is accredited under both the Feed-in-Tariff (FiT) and the Renewable Heat Incentive (RHI) schemes. The plant has been acquired from a consortium of sellers.
This investment represents a further acquisition in the UK agricultural anaerobic digestion market, where JLEN is a leading investor. JLEN has an established AD portfolio with a strong operational track record. The acquisition increases the total capacity of renewable energy assets in the JLEN investment portfolio to 310.7MW. The investment was funded by a drawdown from JLEN’s revolving credit facility.
Richard Morse, Chairman of JLEN, said: “We are pleased with JLEN’s latest investment into the AD sector, bringing the total number of agricultural AD plants in the portfolio to nine. We look forward to supplying Center Parcs with a combination of renewable heat and electricity and providing organic fertiliser to the local farming community.”
JLEN Environmental Assets Group, formerly John Laing Environmental Fund, is a large British investment trust dedicated to investments in Renewable Energy Infrastructure. Established in 2014, the company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The chairman is Richard Morse.
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