What JLEN Environmental Assets Group does

Foresight Environmental Infrastructure Limited (FGEN, formerly JLEN Environmental Assets Group) is a Guernsey-registered, FTSE 250-constituent closed-end investment company with a premium listing on the London Stock Exchange Main Market. The company invests in a diversified portfolio of 39 environmental infrastructure assets across the UK and mainland Europe, organised into three pillars: renewable energy generation (onshore wind, solar PV, anaerobic digestion, biomass CHP, energy-from-waste, and run-of-river hydropower); other energy infrastructure (lithium-ion battery energy storage systems and the CNG Fuels biomethane refuelling network); and sustainable resource management (PFI waste and wastewater concessions, controlled environment agriculture, and recirculating aquaculture). As at 31 March 2026, FGEN reported a Net Asset Value of £655.5m, NAV per share of 105.2p, an annualised NAV total return of 7.2%, and an FY27 dividend target of 8.04p per share — its 11th consecutive year of dividend growth, recognised by the AIC as a 'next generation dividend hero'.

Revenue mechanics are driven by long-term, inflation-linked contracted cash flows rather than discretionary product sales. Approximately 66-80% of revenues across most portfolio assets are backed by UK government subsidy regimes — Renewable Obligation Certificates (ROCs), Feed-in-Tariffs (FiTs), and the Renewable Heat Incentive (RHI) — supplemented by electricity sales via PPAs and the wholesale Balancing Mechanism, gate fees from waste processing concessions, index-linked PFI payment mechanisms (e.g., ELWA and Tay Wastewater), biomethane fuel sales to HGV fleet operators, aquaculture production sales to European salmonid markets, and revenue from battery storage participation in National Grid's Dynamic Containment and Firm Frequency Response services. Investment management is performed by Foresight Group LLP under a competitive, shareholder-aligned fee structure; Foresight originates, executes, and actively manages acquisitions and co-investment partnerships (e.g., with Foresight Solar Fund and Foresight Energy Infrastructure Partners). The customer base spans institutional and retail shareholders (distributed via 10+ UK investment platforms and financial advisers), local government authorities under PFI concessions (East London Waste Authority, Scottish water authorities), commercial waste producers, HGV fleet operators (M&S, Tesco, DHL, Amazon, Aldi, Lidl, John Lewis, Waitrose, Co-Op, Warburtons), industrial heat offtakers (Center Parcs), and pharmaceutical manufacturers (medical-grade cannabis offtake from Glass Pharms).

Name

JLEN Environmental Assets Group

Legal name

Foresight Environmental Infrastructure Limited

Website

https://jlen.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

FGEN (formerly JLEN) is a Guernsey-registered, FTSE 250-listed environmental infrastructure investment company operating 39 renewable energy, battery storage, low-carbon transport, and waste management assets across the UK and Europe for institutional and retail shareholders.

Ownership category

akta.pro rank

Product category

Environmental Infrastructure Investment

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industry

Real Assets Fund of Funds (Real Estate / Infrastructure / Natural Resources FoF) (FSAHAKAG)

Keywords

• Environmental infrastructure investment
• Renewable energy assets
• Infrastructure fund management
• Sustainable resource management
• Clean energy investing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Others, Operations, Infrastructure, Personnel

Revenue model

1. Government Subsidy Regimes (ROCs, FiTs, RHI): Revenue from Renewable Obligation Certificates (ROCs), Feed-in-Tariffs (FiTs), and Renewable Heat Incentive (RHI) subsidy schemes. These are long-term, inflation-linked government-backed income streams that provide the primary revenue backbone for most renewable generation assets. Approximately 66-80% of revenues across most assets are backed by long-term subsidies.
2. Electricity Sales: Sale of generated electricity to the market under long-term power purchase agreements (PPAs) with counterparties such as Statkraft, or via merchant wholesale power sales and the Balancing Mechanism. Electricity is sold from wind farms, solar parks, biomass CHP, anaerobic digestion, hydro, and energy-from-waste assets.
3. Gate Fees (Waste Processing): Waste processing concessions earn gate fees paid by waste suppliers (local authorities, commercial waste producers) for the right to process municipal waste. These revenues are typically volume-based with contractual floors and price bands indexed by inflation.
4. Heat Export via Private Wire: Revenue from the sale of heat and power exported via private wire to industrial customers. Biomass CHP plants (Cramlington) and anaerobic digestion plants (Rainworth to Center Parcs) supply heat under long-term contracts to nearby industrial offtakers.
5. PFI Payment Mechanism: ELWA project earns 100% of revenues through the PFI payment mechanism — index-linked service fees based on volume of wastewater/waste treated. The tariff per unit is split into bands depending on volume processed.
6. Biomethane/CNG Fuel Sales: CNG Fuels operates a network of 16 biomethane refuelling stations supplying 100% renewable Bio-CNG to heavy goods vehicle fleets. Revenue is earned from the sale of compressed biomethane under contract to fleet operators. Over 95% market share of UK CNG truck market.
7. Aquaculture Production Sales: Rjukan aquaculture facility produces approximately 8,000 tonnes of trout annually for sale to European and international salmonid markets via an offtake agreement with an established Norwegian seafood distribution company.
8. Medical Cannabis Cultivation: The Glasshouse facility is operated by Glass Pharms, which cultivates high-THC cannabis flower for pharmaceutical manufacturers producing cannabis-based products for medicinal use (CBPMs) in the UK. Revenue derives from the sale of cultivated product under licence to pharmaceutical companies.
9. Battery Storage — Balancing Services and Market Trading: Battery energy storage systems earn revenue from provision of Dynamic Containment and Firm Frequency Response services to National Grid, and from reducing volatility via wholesale power market trading and the Balancing Mechanism.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

FGEN (formerly JLEN Environmental Assets Group) is a Guernsey-registered, London Stock Exchange-listed investment company that invests in a diversified portfolio of 39 private environmental infrastructure assets across the UK and mainland Europe. The portfolio spans renewable energy generation (wind, solar, anaerobic digestion, biomass CHP, energy-from-waste, hydropower), other energy infrastructure (battery energy storage, biomethane refuelling for HGVs), and sustainable resource management (waste/wastewater concessions, controlled environment agriculture, aquaculture). The company delivers stable, long-term, inflation-linked returns to shareholders through quarterly dividends funded by portfolio cash yields and government-backed subsidy revenues.

Product overview

Foresight Environmental Infrastructure (FGEN), formerly JLEN Environmental Assets Group, is a Guernsey-registered investment company with a premium listing on the London Stock Exchange and constituent of the FTSE 250. The company operates as a single unified investment product - a diversified environmental infrastructure fund investing across three key pillars: Renewable Energy Generation (wind, solar, anaerobic digestion, biomass, energy-from-waste, and hydro assets), Other Energy Infrastructure (battery energy storage systems and low-carbon transportation via CNG Fuels), and Sustainable Resource Management (waste/wastewater concessions and controlled environment agriculture/aquaculture). With 39 assets located primarily in the UK and mainland Europe, FGEN is managed by Foresight Group LLP and delivers stable, long-term predictable income with opportunities for growth while supporting decarbonisation and sustainable resource management.

Differentiator

Problem solved

Functional benefit

Products and services

• Wind Portfolio Onshore wind farm investments across the UK including Wear Point (8.2MW), Bilsthorpe (10.2MW), Burton Wold Extension (14.4MW), Carscreugh (15.3MW), Castle Pill (3.2MW), Dungavel (26MW), Ferndale (6.4MW), Hall Farm (24.6MW), Llynfi Afan (24MW), Moel Moelogan (14.3MW), and New Albion (14.4MW). Generates electricity sold to the grid under subsidies and power purchase agreements.
• Solar Portfolio Ground-mounted solar park investments across England and Wales including Pylle (5MW), Amber (9.8MW), Branden (14.7MW), CSGH Portfolio (33.5MW), Monksham (10.7MW), and Shoals Hook (14.8MW). Sells generated electricity to the grid under long-term subsidy regimes.
• Anaerobic Digestion Portfolio Agricultural anaerobic digestion plants that generate biomethane for injection into the national gas grid, including Warren Energy, Biogas Meden, Egmere, Grange Farm, Icknield, Merlin Renewables, Peacehill Farm, Rainworth Energy, and Vulcan Renewables. Rainworth supplies heat and power to Center Parcs Sherwood Forest.
• Waste and Bioenergy Assets Includes municipal waste management, wastewater treatment, biomass combined heat and power, and energy-from-waste projects. Assets include Bio Collectors (AD plant in Merton, London), Codford Biogas (Wiltshire), Cramlington Biomass CHP (28MW), and ETA Manfredonia energy-from-waste plant in Italy (16.8MW).
• Hydro Portfolio Run-of-river hydropower projects including Yorkshire Hydropower (Kirkthorpe 500kW and Thrybergh 260kW with co-located 1.2MW battery) and Northern Hydropower (Knottingley 500kW, De Lank 99kW, with co-located batteries). Assets are accredited under the 20-year Feed-in-Tariff scheme.
• Battery Energy Storage Systems Multiple 50MW lithium-ion battery energy storage plants providing grid stability, Dynamic Containment services, and wholesale power market trading. Assets include West Gourdie (Dundee), Clayfords (Aberdeenshire), Lunanhead (Angus), and Sandridge (Wiltshire).
• CNG Fuels Bio-CNG Network A network of 16 biomethane refuelling stations across the UK supplying 100% renewable Bio-CNG to heavy goods vehicle fleets. Over 95% market share of the UK CNG truck market, serving more than 165 fleet customers including M&S, Tesco, DHL, and Amazon.
• Waste and Wastewater Concessions Long-term PFI concessions including the East London Waste Authority (ELWA) project processing 430,000 tonnes of household waste annually from four London boroughs, and the Tay Wastewater Treatment project servicing approximately 250,000 people in Dundee and Arbroath areas.
• Controlled Environment Agriculture and Aquaculture Sustainable food production facilities including The Glasshouse (2.4-hectare advanced glasshouse in Wiltshire operated by Glass Pharms for medical cannabis cultivation) and Rjukan Aquaculture (land-based trout farm in Norway using recirculating aquaculture system technology, producing approximately 8,000 tonnes of trout annually).
• FGEN Environmental Infrastructure Investment Company The core publicly listed investment vehicle offering shareholders diversified exposure to UK and European environmental infrastructure assets. Trades on LSE as FGEN (formerly JLEN), is a constituent of the FTSE 250, and delivers inflation-linked dividends (FY27 target 8.04p per share) backed by 66-80% subsidy-backed revenue streams.

Quantifiable outcome

• 1,338 GWh of renewable energy generated annually by the portfolio
• +7 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Glass PharmscoreStrategic or Co-development Partner · 1 September 2022Glass Pharms is the operator of The Glasshouse controlled environment facility, focusing on the lawful cultivation of high-THC cannabis flower under tightly monitored licence requirements for secure supply to UK-based pharmaceutical manufacturers. FGEN holds a minority 10% equity ownership in The Glasshouse, with £19.2m senior loan, £9.5m convertible loan notes, and £2.0m senior revolving credit facility.
• Norwegian Seafood Distribution Company (Offtaker)coreChannel Partner/ Reseller/ Distributor · 1 July 2022Rjukan aquaculture facility has an offtake agreement with an established Norwegian seafood distribution company with global reach, which will purchase the approximately 8,000 tonnes of trout produced annually by the RAS facility for sale to European and international salmonid markets.
• Estover EnergyminorImplementation/ SI/ Consulting Partner · 1 June 2021Estover Energy was involved in the operations of the Cramlington biomass CHP plant at the time of FGEN's acquisition. FGEN acquired the Cramlington plant from the administrator of Hold Co through its subsidiary Cramlington Renewable Energy Developments Ltd.
• AnescominorImplementation/ SI/ Consulting Partner · 1 January 2018Anesco, a leading battery installer, installed and maintains the BYD (Shenzhen) lithium-ion battery at the Thrybergh hydropower site (1.2MW/1.2MWh). The battery was awarded a Firm Frequency Response contract for services delivered to National Grid.
• Future BiogascoreImplementation/ SI/ Consulting Partner · 1 August 2017Future Biogas provides management, operations and maintenance services to multiple anaerobic digestion plants in FGEN's portfolio including Warren Energy, Biogas Meden, Egmere Energy, Merlin Renewables, Vulcan Renewables, and Peacehill Farm. Future Biogas originally developed some of these plants and continues to operate them under long-term management and operational services agreements. Future Biogas also developed the Vulcan site upgrade project.
• LightsourceminorImplementation/ SI/ Consulting Partner · 1 March 2015Lightsource is the site operator for the Shoals Hook solar plant (14.8 MWp, ~50,000 panels near Pembrokeshire Coast National Park). Shoals Hook is part of the CSGH solar portfolio purchased from Spower Holdings.
• RenewicoreImplementation/ SI/ Consulting Partner · 1 March 2014Renewi is the operator of the ELWA waste project, performing all O&M services including lifecycle replacement. Renewi (formerly Shanks Waste Management) operates the mechanical biological treatment facilities at Frog Island and Jenkins Lane, processing approximately 430,000 tonnes of waste per annum from four London boroughs.
• HCP Management LimitedminorImplementation/ SI/ Consulting Partner · 1 December 2002HCP Management Limited provides managed services for the ELWA project, with the exception of finance and accounting which has been subcontracted separately. This is a secondary service provider supporting the ELWA waste processing concession.
• Veolia Water Operational Services (Tay) LimitedcoreImplementation/ SI/ Consulting Partner · 1 November 1999Veolia Water Operational Services (Tay) Limited provides daily operations and maintenance services for the Tay Wastewater Treatment project, which services approximately 250,000 people from the Dundee and Arbroath areas under a PFI contract.

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Gore Street Energy Storage Fund: UK-listed investment company focused on battery energy storage systems providing grid balancing services — directly comparable to FGEN's BESS portfolio (West Gourdie, Clayfords, Lunanhead, Sandridge).
• Greencoat UK Wind: UK-listed investment trust focused on UK onshore and offshore wind assets, closely comparable to FGEN's wind portfolio and overall structure as a yield-oriented environmental infrastructure fund with government-backed revenues.
• HICL Infrastructure: London-listed infrastructure investment company with a diversified portfolio of PPP/PFI and environmental infrastructure assets — comparable to FGEN on closed-end infrastructure structure and PFI exposure (ELWA, Tay Wastewater).
• Bluefield Solar Income Fund: UK-listed solar infrastructure investment trust with a portfolio of operational solar PV assets generating subsidy-backed revenues — directly comparable to FGEN's solar and subsidy-backed renewable income model.
• Harmony Energy Income Trust: UK-listed battery energy storage fund holding operational BESS projects earning revenue from National Grid balancing services — a close peer to FGEN's BESS-focused exposure.
• Aquila European Renewables Income Fund: London-listed fund investing in European renewable energy infrastructure (wind, solar, hydro, biomass) — comparable to FGEN's diversified European renewable mandate including the ETA Manfredonia EfW project.
• International Public Partnerships (INPP): UK-listed infrastructure investment company focused on PPP/PFI concessions and essential public infrastructure — directly comparable to FGEN's ELWA and Tay Wastewater PFI exposure within the closed-end infrastructure category.
• NextEnergy Solar Fund: London-listed solar-focused investment company managed by NextEnergy Capital, with operating and development solar assets in the UK and internationally — a direct peer within the UK solar infrastructure trust category.
• The Renewables Infrastructure Group (TRIG): London-listed investment company investing in a diversified portfolio of renewable energy infrastructure across wind, solar, and storage in the UK and Europe — directly comparable to FGEN's diversified environmental infrastructure mandate.
• Foresight Solar Fund Limited: Sister fund managed by Foresight Group, focused on UK solar PV assets. FGEN co-invested alongside this fund in the Sandridge BESS project, and both are managed by the same investment adviser.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/foresight-environmental-infrastructure

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about JLEN Environmental Assets Group