JLEN Environmental Assets – Laying the foundations for NAV growth
In common with its peers, JLEN Environmental Assets (JLEN) experienced an eventful but fruitful 2022. Volatile power prices, rampant inflation, rising interest rates and new taxes all appeared to buffet the renewables sector but generally acted as a tailwind for NAV growth. Some of these issues look likely to continue to affect the sector in 2023.JLEN’s managers can have little influence on these big macroeconomic factors but they can try, through their investment activity, to lay the foundations for future NAV uplifts. At the end of its last accounting year, JLEN had 6% of its portfolio in assets under construction or development, and a sizeable pipeline of new opportunities. As they reach maturity, these projects can act as an engine for capital growth.
John Laing Environmental Assets Group is a closed ended investment company. Co. is an environmental infrastructure investment fund which aims to provide shareholders with a sustainable dividend, paid quarterly, that increases in line with inflation, and to preserve the capital value of its portfolio on a real basis over the long term through the reinvestment of cash flows not required for the payment of dividends. Co. invests in a portfolio of environmental infrastructure projects that have the benefit of long term, predictable, wholly or partially inflation-linked cash flows supported by long-term contracts or stable regulatory frameworks.
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