Published on 6th July 2021
Leading Institutional Banking provider, RBS International, has committed a £34 million contribution to a £170 million syndicated facility, to support JLEN Environmental Assets Group Ltd in its latest renewable energy investments.
JLEN is a Guernsey incorporated listed investment trust, managing a widely diverse portfolio of environmental infrastructure projects and assets in the UK and Europe including wind, solar, hydro, anaerobic digestion, waste & wastewater, and other low carbon and energy efficiency projects. JLEN was first listed on the London stock exchange in 2014 and has worked ambitiously since to expand its portfolio. The fund currently has a net asset value of £571.44m across 39 assets with over 350 MW power capacity across markets to boost the renewable energy production.
The facility which will support the investment trust’s expansion has been converted into a sustainability-linked loan (SLL) with KPIs to meet Environmental Social and Governance metrics, which if met will see the borrower benefit from a 5bps reduction to the margin. Likewise, if the sustainability KPIs are not fully achieved a 5bps increase will be applied to the base margin and reviewed and externally verified on an annual basis.
Angela Marchant, Senior Director at Institutional Banking, RBS International said: “We are pleased to be joining this syndicated facility to support JLEN in meeting the growing demand for sustainable investments in the renewable energy sector. This facility closely aligns with RBS International’s purpose-led strategy and internal sustainability goals, contributing to the wider NatWest Group’s climate targets in combatting the effects of climate change and creating new opportunities for investors to engage with the green energy market.
Richard Morse, Chairman, JLEN Environmental Assets Group said: “This loan facility enables us to continue to develop our investment pipeline and we’re extremely proud to combine that with a set of ESG targets that underline our commitment to acting in a socially responsible, safe and environmentally sustainable manner.”
Simon Middleton, Elgar Middleton Infrastructure and Energy Finance LLP and debt advisor to JLEN, said “RBS International joined JLEN's existing RCF syndicated facility as part of its regular extension and amendment, for a new lender joining the group the timescales were extremely tight but as RBSI has extensive experience of similar structures and facilities Angela and her team were able to progress the transaction through their internal processes at lightning speed.”
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About RBS International Depositary Services
RBS International Depositary Services provides independent trustee and depositary services for clients in the UK and Luxemburg, under both the UCITS and AIFMD regimes. Established over 80 years ago, with £360billion in Assets under trusteeship and working with more management companies and schemes than any other UK trustee, the business has unparalleled experience of all aspects of trusteeship.