JLEN Environmental Assets has raised £57m (€66m) from a share placing on 11 February 2020 to support its plans to invest in bioenergy and flexible power generation.
JLEN (formerly John Laing Environmental Assets) stated that it intends to use the net proceeds of the placing to “repay amounts drawn under its revolving credit facility in order to finance an identified pipeline of near-term opportunities across the bioenergy and flexible generation sectors, further diversifying the company’s portfolio.
According to JLEN, it will issue a total of 49,701,820 shares at the placing price, which has been set at 115 pence per New Ordinary Share.
The placing was “significantly oversubscribed” and, as a result, applications have been scaled back in line with the terms and conditions of the placing set out in the placing announcement.
Foresight Group acquired JLEN in 2019.