John Laing Environmental Assets Group is preparing a new share issuance in a bid to raise £25 million ($30.7 million; €28.9 million).
The London-listed renewables investment unit of developer John Laing said the placing is part of a new programme unveiled towards the end of last year in which it said it intends to issue up to 150 million new shares through a series of placings, tap issuances or combination of the two.
JLEN said the proceeds of the placing, which is expected to close on 7 February, will be used to fund its “near-term pipeline” of wind, solar and biomass opportunities, with the company’s most recent acquisition being a 4MW wind farm in France in September.
Over 125MW of JLEN’s 177MW portfolio is made up of wind farms in the UK and France while it holds about 47MW of solar parks. The vehicle, which targets IRRs of between 7.5 percent and 8.5 percent, does not currently own any biomass assets.
However, in announcing its Net Asset Value this week as of the end of last year which recorded a £13 million increase, JLEN said its wind assets performed 25 percent below expectations in terms of generation in the fourth quarter. JLEN said its diversified approach helped offset what it described as a “challenging period for wind”. It also owns three waste management assets.