<p>FGEN Chair, Ed Warner provided an update on the Company's refocused investment strategy, its quarterly NAV performance and its 11th consecutive annual dividend increase.&nbsp;</p>
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<div class="mceNonEditable embeditem" data-embed-url="https://youtu.be/OtRMMVhhVJM" data-embed-height="240" data-embed-width="360" data-embed-constrain="true"><iframe width="360" height="203" src="https://www.youtube.com/embed/OtRMMVhhVJM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen" title="FGEN Strategy and Performance Update June 2025"></iframe></div>
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FGEN - strategy and performance update - June 2025

<p>See a round-up of the Company's news, events, projects and initiatives in April 2025.&nbsp;</p>

FGEN news round-up - April 2025

<p>See a round-up of the Company's news, events, projects and initiatives in March 2025.&nbsp;</p>

FGEN news round-up - March 2025

<p>See a round-up of the Company's news, events, projects and initiatives in February 2025.&nbsp;</p>

FGEN news round-up February 2025

<p>See a round-up of the Company's news, events, projects and initiatives in January 2025.&nbsp;</p>

FGEN news roundup - January 2025

FGEN news round-up - January 2025

<h3 class="MsoNormal">Can you tell us about your career path in the energy and infrastructure sectors over the past three decades?</h3>
<p class="MsoNormal">I am currently the CEO of Guernsey Electricity here in the Channel Islands, but I wear multiple hats. I also serve on the Board of Alderney Electricity and Guernsey Water. My career began quite differently – I left school at 16 when I joined the Merchant Navy with P&amp;O/Princess Cruises, where I developed a solid understanding of operations and engineering. After spending several years at sea, I transitioned to the energy sector. This was during the 90s when asset management was evolving, and I developed a deep interest in sustainable investment in infrastructure . By the mid-to-late 90s, I moved into utilities, starting with electricity and later expanding into gas industries. My work spanned across the Channel Islands and extended into Europe, before I returned to Guernsey in 2010 to take on my current role. Over the years, I’ve developed deep expertise in managing different types of assets associated with the energy sector and a strong understanding of risk management—key areas that are critical to the industry’s success.</p>
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<h3 class="MsoNormal">You’ve been instrumental in shaping Guernsey's energy policy. What is the biggest challenge and opportunity that you’re seeing in the green energy transition?</h3>
<p class="MsoNormal">A lot of people are understandably worried about the energy transition, and that it might lead to higher costs and more disruption for consumers. But what we’re actually seeing – both locally and in larger jurisdictions – is that doing the right thing such as decarbonising, creates more stable energy prices and a greater ability to use energy efficiently which would benefit consumers in the long-run. The real challenge is mapping out how to reach our 2050 net zero goals, and it’s important to remember that the energy transition is a journey – it isn’t something where we can achieve overnight success. At FGEN, we've created a comprehensive strategy to guide the transition of all our assets towards sustainability.</p>
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<h3 class="MsoNormal">Can you elaborate on your role and responsibilities as the Chair of the Risk Committee at FGEN?</h3>
<p class="MsoNormal">As Chair of the Risk Committee, my focus is on ensuring our risk management framework is effective and adds real value. We maintain risk registers that identify potential risks to the Company and its underlying asses and we're aligning with the latest Financial Reporting Council guidance on risk management to ensure our system isn't just theoretical but practical and impactful. I believe a robust and proactive approach to risk management not only enhances stakeholder confidence but also positively impacts performance. We have created a risk-aware culture within FGEN, this involves education and training on risk identification and assessment and fostering a culture of accountability for managing risk.</p>
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<h3 class="MsoNormal">What does corporate governance mean to you?</h3>
<p class="MsoNormal">I see corporate governance as an opportunity, not a threat. When done right, it’s an effective tool to build trust and confidence by demonstrating that the Board and the investment managers know how to apply proper controls. Effective risk management is part of this – it’s about having a robust and pragmatic framework that not only identifies and mitigates risks but also ensures the controls are functioning as intended. A concept from the nuclear industry that I find relevant is the “tolerability of risk” which acknowledges that, while you can’t eliminate all risks, you must manage them within acceptable limits. The goal is to understand and manage risks effectively, rather than trying to eliminate them entirely. This approach is particularly crucial in the energy industry.</p>
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<h3 class="MsoNormal">What are you passionate about outside of work?</h3>
<p class="MsoNormal">I’ve always been deeply connected to the sea. Sailing is my biggest passion – there’s nothing quite like being out on the water, watching dolphins play around the boat. Besides that, I’m an avid gardener. I grow a variety of vegetables in my greenhouse and find it’s incredibly rewarding to grow something in a pretty organic way, creating a little haven for wildlife such as hedgehogs, bees and birds at home.</p>

Q&A with Alan Bates, Non-Executive Director

<h2>Tell us about your background</h2>
<p>I started my career at PwC as an auditor, specialising in alternative assets across the Channel Islands, UK and Australia. In the latter half of my time with PwC, I found myself more drawn to capital markets, so I transitioned to an advisory role, leading the investment trust capital markets team advising on IPOs and capital market activities.</p>
<p>Over the years, I’ve advised more than 60 IPOs and capital raises across a wide range of asset classes, including private equity, real estate and infrastructure funds, and through to more esoteric assets such as music royalties and shipping funds. Fast forward to 2020, when I decided to make a change and left PwC to become a portfolio non-executive director and now hold Board positions in four FTSE 250 companies including JLEN.</p>
<h2>What attracted you most to work with JLEN?</h2>
<p>With all the transactions I’d been involved in, I realised I’d always gravitated towards real assets. There’s a sense of pride you get from these investments. They’re tangible, you can relate to them, and in many cases they contribute positively to the world. When I first joined JLEN, they were at a fascinating crossroad. But what particularly impressed me was how the team had already diversified beyond traditional wind and solar into areas like anaerobic digestion – a move that seemed to be paying off.</p>
<p>The incredible management team was also a huge plus point for me. When you’re on a Board, trust in the management team is paramount. The management team is sharp, they tackled every question or challenge head-on, and displayed a healthy dose of conservatism and appreciation of the risk-reward dynamic, which is exactly what you want in this space. I felt a true sense of partnership and it was clear they’d created a safe space for open communication. Knowing that they’d keep the Board fully informed instilled a great deal of confidence.</p>
<h2>What have been your highlights since you’ve joined?</h2>
<p>Contributing to ensuring the overall health of the company has remained strong despite the challenging economic backdrop of recent years. Being able to maintain a healthy cash flow and to consistently pay a progressive dividend has been the biggest thing for me. Shareholders rely on that regular income, and it’s a core reason many investors choose JLEN.</p>
<p>Another highlight is the way in which JLEN has proactively enhanced their communications strategy, making information about JLEN and the overall sector more accessible to retail investors. It’s exciting to see this work pay off as we have built a strong retail following. It’s been a long time coming, but it’s very rewarding to see these efforts come to fruition.</p>
<h2>How important is the role of Directors when it comes to corporate governance?</h2>
<p>In today’s environment the role of directors, particularly for investment trusts, has been more crucial than ever. The significant discounts which have impacted the entire Investment Trust community have compelled Boards to look at investor returns with a laser focus, asking challenging questions about the best way to use cash. The lens of investor interest should always be paramount and that is exactly what a Board is meant to be – the voice of the investor.</p>
<h2>What are you passionate about outside of work?</h2>
<p>Outside of work, I take pleasure in running and embracing the sea in all its forms. Furthermore, I treasure moments with my family, particularly with my two lively young children and our newest addition to the family, a playful puppy who keeps me on my toes.</p>

Q&A with Stephanie Coxon

Q&A with Stephanie Coxon, Senior Independent Director and Chair of the Audit Committee

<h2>What is your background?</h2>
<p>I started working in the City many years ago – longer ago than I care to remember! I started out originally as a fund manager, then moved over to work as an investment strategist which involves examining economies and market data and learning what makes them tick. During my career I have run a number of businesses, including the UK operations of South African insurer Old Mutual. For the most recent 15 years however I have been what is known as ‘plural’ – this means I sit on various Boards for organisations both in the City &amp; Financial Services realm, but also in the world of Sports Administration.</p>
<h2>What attracted you most to working with JLEN?</h2>
<p>When I look at an opportunity to chair an organisation my first instinct is to ask ‘who manages them?’ I knew that Foresight, who manages the JLEN portfolio, is a highly regarded manager with a specialist focus on infrastructure and on environmental assets in particular – for me that was a fantastic draw. When I looked into the company in more detail, I could see it had real scale and was investing in some very interesting areas largely in the UK but also increasingly around the world. I believe this offers a very strong investment proposition not only for retail investors but also for institutional clients too. I’m very proud to be able to sit on this Board and help to steer its future direction.</p>
<h2>What is the most important part of a Board’s work?</h2>
<p>Acting as a Non-executive Chairman means walking a fine line between influencing operational interests that can impact the day to day running whilst simultaneously taking a step back to allow the managers the space to do what is best. Right now there are so many great opportunities coming through for JLEN and I see the Board’s role as an objective voice helping Foresight to navigate through the maze of prospects. Prudently sifting through and embracing the right technologies is vital if we are to address the climate challenge we all face as people living on this planet, as well as deliver returns for shareholders.</p>
<h2>What challenges do you see for investors in the near term?</h2>
<p>We are currently in an incredibly stressed environment both for investors and for everyone on the planet. Soaring power prices, raging inflation, economies under strain – we all know what this derives from but we must find a way forward. Foresight and JLEN respectively have excellent track records and the expertise to find the right solutions which will allow people on our planet to meet the challenges of climate change. I certainly hope current issues won’t last for long – they certainly won’t last forever – but challenges also represent opportunities. JLEN is ready to find a way through, delivering returns and a more successful economic environment for everyone to operate in.</p>
<h2>What book is on your bedside table currently?</h2>
<p>There are too many books on my bedside table that’s for sure! There are a few I’m currently reading, one in particular which is a biography of Abraham Lincoln because I am off to Washington soon on holiday so I want to be prepared to explore the history. But I also love crime thrillers so am reading Val McDermid’s latest thriller called 1989.</p>

Q&A with Ed Warner

Q&A with Ed Warner, JLEN Chair

<h2>Tell us about your background</h2>
<p>“My professional career has been spent chiefly working in the water industry.&nbsp; I have worked at United Utilities for 24 years and before joining United Utilities I worked in environmental consultancy. My professional focus has mainly been on leading environmental strategy and asset management activities, so the long term environmental impact on our water supply and management systems is something I’m very interested in. My current main role is Director of Environment Planning and Innovation at United Utilities, so I investigate and plan for long term requirements facing the water industry – for example, meeting net zero goals, climate change adaptation and making sure we can meet ongoing sustainability targets in the future as they become more stringent over time.”</p>
<h2>What have been your highlights over your first year as a Director of JLEN?</h2>
<p>“It has been fascinating to witness from the inside how JLEN drives a financial return from delivering environmental benefits and I clearly see the similarities with UU as well as the differences. JLEN’s sole focus is operating environmental assets effectively and efficiently so there have been many parallels – for example, both JLEN and United Utilities operate anaerobic digestor assets as well as some solar generators. There is a specific business dynamic which comes from a more commercial mindset and whilst I have found my time here educational, I have also been able to contribute a counterpoint perspective and see that contribution make an impact – which is what being a Board Director is all about.”</p>
<h2>How do you perceive the importance of Sustainability &amp; ESG?</h2>
<p>“Looking at the topic from a top-down perspective, it is important for JLEN (and other businesses) to ensure there is a clear overview of the environmental benefits that our assets deliver – for ourselves as well as our customers – because the assets JLEN manages have their own ESG footprint which needs to be monitored. We are lucky to work in an organization which understands this need, taking proactive action to analyse and manage the efficiency of assets and make consistent improvements to demonstrate that we are living by our own environmental values. ESG data should be used to drive business development as a matter of routine as well as helping businesses identify the different opportunities that exist to drive the push towards sustainability.”</p>
<h2>How do you see your role evolving over time?</h2>
<p>“I’m looking forward to advancing JLEN’s reporting on ESG criteria over the next 12-18 months. Impact measurement is at different stages of maturity depending on whether you are talking about the E, the S, or the G, so there is a lot of room to make a meaningful difference in this area. 6 months ago we established a formal ESG committee within JLEN and had our first meeting as part and parcel of a normal Board process – this is important if we are to establish business practices which prioritise ESG management as part of everyday operations. Having launched our suite of ESG KPIs in 2021, I want to use that data to learn and make continual improvements in our ESG reporting as well as day to day decision making – particularly in how we report our carbon emissions.”</p>

Q&A with Jo Harrison

Q&A with Jo Harrison, JLEN Director and Chair of the ESG Committee

<p><strong>By Gabriel Amiel</strong></p>
<p class="intro">A maturing wind power portfolio brings the opportunity – and the challenge – to increase portfolio value. In essence, this means finding ways to reduce costs, increase revenue and the discovery of additional value by upgrades and extensions. There is typically a lot that can be done to enhance project value but each project is different. The various initiatives targeted to enhance project value are discussed below.</p>
<p>Various factors may limit power production on a wind farm,&nbsp;for example curtailment for grid compliance, noise nuisance to residents and shadow flicker from turbine blades. Curtailment strategies should be reviewed regularly in the first years of operation; in many cases the curtailment can be reduced through close review of the actual impacts and by working closely with stakeholders.</p>
<p>Power export systems (HV/LV), setup rapidly during construction can be significantly optimised once in operation. Through adjustment of power parameters and the use of smart technology it is possible to reduce both line losses and parasitic&nbsp;power consumption to boost revenue and cut overheads.<br>Many of the best value enhancements are derived simply through a close review of project contracts and the financial model. Ensuring close contract compliance and benchmarking of cost&nbsp;assumptions often reveals&nbsp;significant value. For example, recent emergence of third-party O&amp;M providers for wind plants have provided much needed price&nbsp;competition.</p>
<p>The trickiest optimisations are those technical changes where reliable measurement of performance improvement is not possible.&nbsp; This category includes initiatives to correct underperformance (e.g. blade erosion or misalignment) as well as upgrades marketed to enhance performance (e.g. vortex generators, control software upgrade).&nbsp;A strong commercial case is needed to overcome technical risk and uncertainty.</p>
<p>Finally, operating life extension offers the prospect of a material portfolio-wide value uplift. It has become fairly common to assume that a wind farm can continue to operate beyond its 20 year certified design life. Even so, careful consideration of component lifetimes and other restrictions (planning, land, route to market) as well as O&amp;M costs is needed.</p>

Enhancing What We Have – Wind Power Portfolio

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<p><strong>William Mezzullo, Head of AD Asset Management</strong></p>
<p>The UK has had tremendous success in decarbonising its electricity network. You can get a sense of how things have changed if you shop around for a home or commercial electricity supply deal; in the past, green options were limited.&nbsp; Today, it is no longer the exception but the norm, with a plethora<sup>1</sup>&nbsp;of green electricity suppliers/ products in the market – a testament to how effective changes in culture, policy and industry have been. &nbsp;However, it has not always been easy to choose green gas suppliers to help decarbonise the 20 million households in the UK that use natural gas<sup>2</sup>.</p>
<p>Greening the gas network is no different to greening the electricity network – you just need to find the right technologies that make the ‘green stuff’. &nbsp;The Chancellor’s strong support for greening the gas network in his recent Spring Statement and the introduction of the Future Homes Standard (which ensure fossil-heating systems can no longer be used in new houses from 2025) are signs of growing support for gas “greenification”.</p>
<p>Despite the difficulty in finding green gas suppliers, there are a growing number of customers who are already actively moving away from fossil-fuel heating by choosing green gas through suppliers such as Bulb Energy, Ecotricity and Good Energy.</p>
<p>Since 2013 green gas, which is made in Anaerobic Digestion plants, is being pumped at an ever- increasing rate into the veins and arteries of the UK’s gas network, helping to decarbonise the gas network. There are now around 100 biomethane plants in the UK, reflecting the growing support of companies that manage our gas networks such as Cadent, SGN, WWU and NGN, which recognise the importance of putting less fossil gas and more renewable gas into their gas pipes.</p>
<p>Anaerobic Digestion is an important part of JLENs diversified portfolio, not only providing renewable energy in the peaks of summer, but in the depths of winter when people need it most. JLEN is proud to be part of the supply chain for a growing demand in green gas to help decarbonise the UK’s gas network.</p>
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<p><em>1. Uswitch electricity renewal product search in April 2019 showed 27 out of 64 suppliers offered green products</em></p>
<p><em>2. Source: British Gas</em></p>
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Green gas and the UK’s clean growth plan

<h1 class="h1-canela-grey">News and insights</h1>

News and insights