Green infrastructure fund JLEN Environmental Assets Group today said it had successfully raised £56.9m through an oversubscribed placing.

The FTSE 250 firm, which was formerly known as the John Laing Environmental Fund, said it would use the proceeds to fund a pipeline of near term opportunities.

Read more: Rolls-Royce sticks to guidance as wait for travel restart continues

These include further investments into operational bio-energy assets and battery storage opportunities.

As a result of the successful placing, JLEN will issue 54.6m new shares at a price of 104p per share.

The fund said it would also use the proceeds to pay down amounts outstanding under its revolving credit facility in order to create more funding headroom to meet existing commitments.

JLEN, which invests in renewable energy infrastructure around the world, currently owns 36 assets with a total generation capacity of 310.7 megawatts.

Its current portfolio includes onshore wind, photovoltaic solar, waste and wastewater processing plants, hydro and anaerobic digestion plants, low carbon transport and battery storage in the UK, France, Spain and Sweden. 

Before the Open: Get the jump on the markets with our early morning newsletter