JLEN Environmental Assets raises £56.9m in share placing

Renewable energy infrastructure investment fund JLEN Environmental Assets Group said on Thursday that it had raised £56.9m by virtue of a placing of 54.67m new ordinary shares at a price of 104.0p each.

JLEN intends to use the proceeds of the oversubscribed placing to pay down amounts outstanding under its revolving credit facility in order to create more funding headroom to meet existing commitments and move on an identified pipeline of near-term opportunities.

The FTSE 250-listed stated applications for admission of the new shares had already been made to the Financial Conduct Authority, with admission set to become effective on 17 May.

JLEN also noted that the shares will be credited as fully paid and rank pari passu with existing ordinary shares in the capital of the company.

As of 0850 BST, JLEN shares were down 1.89% at 104.0p.