John Laing Environmental Assets has said it intends to raise £45m through a share placing to fund a “strong pipeline of opportunities”.
The investment trust also intends to implement a placing programme of up to 150 million new shares.
JLEN recently announced the acquisition of Branden solar park and Carscreugh and Wear Point wind farms for a total of £42.5m.
Richard Morse, chairman of JLEN, said: “We have been pleased with performance over the first 12 months since the successful IPO in March 2014.
“We acquired the initial portfolio shortly after admission and have since acquired three further assets, using the company’s credit facility.”
The trust has delivered dividends totalling 6p a 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”, Mr Morse said.
Adviser view
Roger Week, a director of Cornwall-based Jacksons Wealth Management, said: “We do not specifically go after environmental investment companies because there is not much call for it.
“Our clients do not tend to come to us and say they have a particularly ethical stance.”
