Investment trust JLEN Environmental Assets will look to undertake a placing of up to approximately 54.7m new ordinary shares by way of a bookbuilding process.
JLEN said on Wednesday that since raising £57.0m in February 2020 to repay amounts drawn under its revolving credit facility, it had continued to make investments across a range of environmental infrastructure sectors, including first investments into grid-scale stand-alone battery storage and low carbon transport.
As a result, the facility was currently £82.0m drawn again.
The FTSE 250-listed firm will use the net proceeds of the placing to again pay down amounts outstanding under the facility in order to create more funding headroom to meet existing commitments and an identified pipeline of near-term opportunities.
As of 0840 BST, JLEN shares were down 1.71% at 108.51p.
