John Laing Environmental Assets Group Limited (JLEN) has announced that it has signed financing documentation for a three-year revolving credit facility of £50 million with HSBC and NIBC.

The facility will give JLEN a flexible source of funding outside of equity raisings. It will be used to make acquisitions of environmental infrastructure projects to add to its current portfolio of wind, solar, waste and waste water processing assets and to cover working capital requirements. Borrowings under the facility will be repaid through cash received from its investment assets and future equity raisings.

The facility margin is 250bps over LIBOR. Under its Borrowing Limits Policy, JLEN may borrow up to 30% of its net asset value.

Richard Morse, Chairman, commented:

'The securing of this facility is in line with our intentions set out at the time of the IPO. It is a useful tool to allow the fund to act swiftly to make bids for suitable assets in the active secondary environmental infrastructure market and it will support the fund's growth over the next three years.

John Laing Environmental Assets Group Limited (JLEN) raised gross proceeds of £160 million in its placing and initial public offering of ordinary shares on March 26th, 2014.

The proceeds of the issue were used to acquire a initial portfolio from John Laing, which consists of investment interests in:

• one solar project (Amber Solar);
• three onshore wind farm projects (Bilsthorpe Wind, Castle Pill & Ferndale Wind and Hall Farm Wind);
• two waste processing projects (D&G Waste and ELWA Waste); and
• one wastewater treatment project (Tay Wastewater).