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Prices & Quotes - UK Markets - Jlen Environmental Assets Group Limited NPV (JLEN)

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Share Price:
Down 104.00p
Change Today:
-2.00p
Market Cap:
568.59m
Sector:
Equity Investment Instruments

JLEN acquiring grid-scale battery storage project in Dundee

By Josh White

Date: Wednesday 03 Mar 2021

LONDON (ShareCast) - (Sharecast News) - JLEN Environmental Assets Group announced the acquisition of Gigabox South Road (GSRL) on Wednesday, which holds the development rights to construct the West Gourdie project, a 50MW lithium-ion battery energy storage plant based in Dundee.
The FTSE 250 company said the acquisition would see JLEN invest up to 21.2m over the next 12 to 15 months.

It said the West Gourdie project was fully consented and construction ready, with the project expected to reach energisation and start commercial operations in March 2022.

JLEN explained that such storage projects provide support to the National Grid by reducing system imbalance.

The West Gourdie project would be connected to Scottish Hydro Electric Power Distribution network, with a 49.9MW import and export connection.

It said the project would provide stability to the local network either through direct provision of balancing services to the National Grid, or by reducing volatility on the system via wholesale trading in the wholesale power markets and the Balancing Mechanism, which is a tool used by the National Grid to balance supply and demand in real time .

The acquisition was JLEN's third investment in battery storage systems, adding to the two co-located batteries that the company owns as part of its run-of-river hydro portfolio.

"We are pleased to announce the further expansion of our interests in the energy storage market with our first grid-scale battery project," said chairman Richard Morse.

"We believe that plants such as this one, will play an important role in the decarbonisation agenda by providing balancing support to the local network and allowing for greater levels of renewable generation on the network.

"This investment should offer additional returns over time as it is structured to take advantage of increased market volatility as intermittent renewable generation facilities play a greater part in supplying green electricity to the nation."

At 0842 GMT, shares in JLEN Environmental Assets Group were up 0.33% at 114.38p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

JLEN Market Data

Currency UK Pounds
Price 104.00p
Change Today -2.00p
52 Week High 123.00p
52 Week Low 103.75p
Volume 3,440,996
Shares Issued 546.72m
Market Cap 568.59m
Beta 0.01

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JLEN Dividends

  Latest Previous
  4th Interim 3rd Interim
Ex-Div 03-Jun-21 04-Mar-21
Paid 25-Jun-21 26-Mar-21
Amount 1.69p 1.69p

Trades for 13-May-2021

Time Volume / Share Price
17:07 297,000 @ 104.00p
16:35 49,096 @ 104.00p
16:29 431 @ 104.40p
16:29 9 @ 104.40p
16:26 2,479 @ 104.61p

JLEN Key Personnel