JLEN Environmental posts dip in net asset value

29th May 2024 07:39

(Sharecast News) - JLEN Environmental Assets Group reported a dip in net asset value on Wednesday, on the back of lower power prices and battery revenues.

The listed environmental infrastructure fund said NAV was £751.2m as at 31 March, compared to £777.7m as at 31 December.

NAV per share fell to 113.6p from 117.6p.

JLEN said the portfolio had benefited from a "high degree of protection from short-term price hedges as well as revenues from subsides and long-term contracts that are not derived from power prices".

However, it acknowledged that the "significant" reduction in near-term electricity and gas price expectations had still impacted NAV per share by 2.1p.

Near-term battery revenue projections had also fallen "significantly" in recent months, it said, trimming 1.6p off NAV.

However, JLEN added: "Since April 2024, revenues have started to rise and independent market analysis suggest this trend to continue through 2024 and 2025, as well as continued strong fundamentals for the long-term outlook of the sector."

The final quarterly dividend was 1.89p per share. Together with the interim dividend, JLEN will have paid total dividends of 7.57p per share in the year to 31 March.