John Laing environment fund adds £60m

JLEN, which is listed in London, has also announced the first closing of a placing programme to provide an additional £5m.

The London-listed John Laing Environmental Assets Group (JLEN) has raised gross proceeds of £60 million (€83 million; $93 million) from a “significantly oversubscribed” share offer.

In a statement, the firm said the proceeds would be used to repay an existing revolving credit facility and to fund pipeline opportunities.

It added that “in light of investor demand” it had elected to undertake a first close under its placing programme to raise an additional £5 million. The proceeds from this are expected to be used to fund an acquisition “in the near term” that was originally planned for later in the year.

“We are delighted by the response from our investors and believe the success of this fundraising reflects the underlying strength of our diversified asset portfolio and the strong pipeline of opportunities available to the company,” said Richard Morse, chairman of JLEN, in the statement.

JLEN was launched by London-based developer John Laing in early 2014 and raised £160 million from a listing on the London Stock Exchange in March of that year. The following month it completed the acquisition of a seed portfolio, giving it access to seven operational assets including the Amber Solar project and the Bilsthorpe onshore wind farm.

In October last year, JLEN secured a three-year revolving credit facility with HSBC and NIBC worth £50 million.

JLEN focuses on operational UK assets in the renewable energy and waste management sectors.