JLEN signs ESG-linked £200m credit agreement
Listed environmental infrastructure fund JLEN has signed a new three-year facilities agreement of up to £200m linked to environmental, social and governance targets.
The company on Wednesday said it had agreed a committed multicurrency revolving credit facility (RCF) of £170m and an uncommitted accordion facility of up to £30m. JLEN will incur an interest premium or discount to its margin and commitment fee based on performance against defined targets.
Those targets include an increase in the volume of clean energy produced, the value of contributions to community funds and maintaining a low number of work-related accidents.
Performance against these targets will be measured annually with the cost of the RCF being amended in the following financial year.
“The agreement includes an uncommitted option to extend for a further year and will be used to make future acquisitions of environmental infrastructure projects to add to JLEN's current portfolio, as well as covering any working capital requirements,” JLEN said.