UK's John Laing Enviro Assets seeks up to GBP 65m in placing
10.7-MW Monksham Solar in Frome, Somerset. Source: JLEN (http://jlen.com). License: All Rights Reserved.
John Laing Environmental Assets Group Ltd (LON:JLEN) is looking to raise up to GBP 65 million (USD 93m/EUR 83m) through a placing of new ordinary shares to institutional investors.
Proceeds from the proposed equity issue will be used to repay JLEN's revolving credit facility to provide capital for pipeline acquisitions, the fund said today.
The company has now drawn the majority of its facility and at the same time has a strong pipeline of investment opportunities. In March, it announced the purchase of the 4.99-MW Pylle Southern solar park which was funded by a drawdown under the facility.
The issue price will be at a modest premium to the estimated net asset value as at March 31, 2016, JLEN said. The latter is expected to be announced on or around May 12.
The placing, which is pursuant to the company's existing placing programme, is expected to close May 26.
JLEN invests in environmental infrastructure projects in the UK such as renewable energy, and waste and water management.