John Laing to Raise US$70 Million for Wind, Solar Expansion

UK-based Infrastructure Company John Laing Environmental Assets Group plans to raise £45 million (US$70 million) from a private placement of its shares.

The proceeds will be used to acquire projects and repay its debt. As much as 150 million shares will be offered to raise the amount.

JLEN recently announced the acquisition of Branden solar park and Carscreugh and Wear Point wind farms for a £42.5m, which were funded by a draw-down under the company’s £50 million revolving credit facility.

“We have been pleased with performance over the first 12 months since the successful IPO in March 2014,” said Richard Morse, the company’s chairman. “We acquired the initial portfolio shortly after admission and have since acquired three further assets, utilising the company’s credit facility. We have delivered dividends totalling six pence per share, in line with the target set out at the time of the IPO. The company is now well placed for the next phase of growth that this equity raising will allow us to achieve.”

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