26th Jan 2023 10:19
(Alliance News) - JLEN Environmental Assets Group Ltd on Thursday celebrated its first investment in green hydrogen, after acquiring an equity stake in a project in Germany.
JLEN Environmental Assets is a Guernsey-based closed-ended investment company, focused on environmental infrastructure.
The company has acquired a 33% equity stake in Foresight Hydrogen Holdco GmbH, which in turn holds a 75% stake in HH2E Werk Thierbach GmbH.
HH2E Werk is a special purpose vehicle which owns the development rights to the Thierbach green hydrogen project, a large green hydrogen production plant near Borna in Germany, capable of producing around 6,000 tonnes of green hydrogen per year during the first 100 megwatt phase.
The transaction will see JLEN invest up to EUR5.7 million in FHHG to bring Thierbach to a construction-ready stage.
The acquisition is JLEN's first development-stage hydrogen investment and comes with rights to fund the development and build-out of Thierbach, as well as a pipeline of further green hydrogen projects alongside HH2E.
"We are delighted to be making our first investment into green hydrogen. The efforts of the German government and German industry to make Germany one of the leading markets in the emerging hydrogen economy are clear, and we believe that this transaction presents JLEN with an excellent opportunity to invest on an ongoing basis as the market matures," said Chair Ed Warner.
"We are excited to be partnering with the HH2E team, who have demonstrated their deep understanding of the hydrogen sector and their ability to develop attractive opportunities."
JLEN Environmental Assets shares were trading 0.1% lower at 120.87 pence each in London on Thursday morning.
By Holly Beveridge; Alliance News reporter
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