John Laing Environmental Assets Group (JLEN) is looking to raise £45 million through a share placing as it seeks to pursue a “strong pipeline of opportunities” in the renewable energy sector.

The company said in April it was to launch a share offer and this morning confirmed £45 million of new ordinary shares would be placed, while the company also intends to implant a placing programme of up to 150 million new ordinary shares.

The new financing comes little more than a year after the firm went public and Richard Morse, chairman of JLEN, said the company has been pleased by the performance from its initial portfolio of assets.

“We have delivered dividends totaling 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,” Morse said.

JLEN recently acquired Branden solar park as part of a portfolio of renewable energy assets it purchased for £42.5 million, paid for using a revolving credit facility which the offering is intended to pay off ahead of further acquisitions.

A prospectus is to be published early next month, and the company expects to publicise the results of the issues in early July.