John Laing Environmental Assets Group’s renewables portfolio was valued at £264.5m at the end of March, up from £197.7m at the end of the third quarter of 2015.
The company said in its results for the year ending 31 March 2016 that it had made five acquisitions during the last 12 months, bringing the total number of assets in the portfolio to 15.
Total renewables capacity in the JLEN portfolio now stands at 129MW, it said.
The company added that it has a “strong pipeline of assets for further growth”.
It raised £65m through an equity fund raise in July 2015, and its evolving credit facility increased to £65m from £50m in March 2016 with £54.8m drawn at year end.
The company also refinanced the bank debt in the wind asset portfolio on “beneficial terms” in March 2016, it said.
A further equity raise under an existing placing programme concluded in May raising £35.2m, which was partially used to repay the revolving credit facility and provide for future acquisitions.
JLEN chairman Richard Morse said: “Performance has been resilient despite challenging market conditions, further demonstrating the benefits of JLEN’s diversified portfolio of environmental infrastructure projects.
“The acquisition pipeline is healthy and we look forward to the present year with some confidence.”
Image: Bilsthorpe wind farm is part of the company’s portfolio (John Laing)
