16th Feb 2021 09:12
(Alliance News) - JLEN Environmental Assets Group Ltd on Tuesday outlined its plans to broaden its investment policy.
JLEN Environmental - a trust dedicated to investments in renewable energy infrastructure - will hold an extraordinary general meeting on March 8, in order to allow shareholders to vote on the new policy.
"The proposed changes to the company's investment policy seek to reflect the growth of the environmental infrastructure market during the period since the company's IPO and the expected continued development of that market in the future," the trust said.
The policy will allow the company to access a wider pool of environmental infrastructure investments, both by sub-sector and geography, it added.
JLEN continued: "Whilst the company will remain prudent in deciding which investments to pursue, the board and the investment adviser believe that broadening the investment policy in this way will help the company to continue to meet its investment objectives and respond to developments in the changing market in which it operates."
Specifically, the trust noted under the revised investment policy, the company will continue to seek to achieve its investment objective by investing in a diversified portfolio of environmental infrastructure.
"However, the definition of 'environmental infrastructure' for these purposes would be expanded to include a wider pool of prospective investment, including infrastructure assets, projects and asset-backed businesses that utilise natural or waste resources or support more environmentally friendly approaches to economic activity, support the transition to a low carbon economy or which mitigate the effects of climate change," JLEN added.
The expanded definition will include, among other things, battery storage projects, low carbon agriculture and low carbon transport agriculture.
The company's existing investment policy expressly prohibits it from investing in projects which are located in countries other than those which are members of the OECD, but JLEN is proposing to expand that.
Shares in JLEN Environmental Assets were 0.9% lower in London on Tuesday morning at 114.98 pence each.
By Paul McGowan; [email protected]
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