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JLEN Environmental Assets Group Ltd on Monday said it has invested in an environment aquaculture project, and bought a stake in a 50 megawatts battery energy storage plant in Aberdeenshire.
The FTSE 250-listed environmental infrastructure investment fund said it has reached financial close on a minority equity investment in a controlled environment aquaculture project, for a total of about £40 million over the next three to four years.
JLEN noted that the facility is predicted to generate about 8,000 tonnes of trout annually. The project consists of a land-based aquaculture facility to be built in Rjukan, Norway.
The company expects partial operations to start in 2024 with full operations expected in 2025.
JLEN Senior Independent Director Richard Ramsay said: ‘We are pleased to make our first investment into land-based aquaculture, contributing to the sustainable supply of trout to meet rising consumer demand. We consider that this investment will deliver environmental benefits to the food system and offer a product to suit today's consumer needs.’
Separately, JLEN said it has bought a 50% equity stake in Clayfords Energy Storage Ltd from Intelligent Land Investment group. JLEN said the investment was made alongside Foresight Solar Fund Ltd, and JLEN will invest up to £14.1 million.
Clayfords holds the development rights to construct a 50 megawatts lithium-ion battery energy storage plant based in Buchan, Aberdeenshire.
‘Storage projects such as this one provide vital support to the National Grid by reducing system imbalance and enhancing the grid's ability to harness a greater level of intermittent renewables on the system,’ it added.
The acquisition represents JLEN's fifth investment into battery storage systems. The project is expected to start commercial operations in the fourth quarter of 2024.
Shares were up 0.8% at 125.35 pence each on Monday morning in London.
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