JLEN eyes additional battery financial investment with ₤ 57m fundraise

• JLEN is to fund battery storage and biogas financial investments with the proceeds of a new oversubscribed ₤ 56.9 million positioning.

This funding is also to pay down amounts outstanding under the company's revolving credit facility in order to produce even more funding headroom to fulfill existing commitments.

As it stands, JLEN has made four financial investments right into battery storage space to day, with two of these being co-located batteries it owns as part of its run-of-river hydro portfolio. The 3rd, the 50MW West Gourdie project, it got in March 2021, with strategies to spend approximately ₤ 12.2 million over the adhering to 12-15 months.

After that previously this month, the firm got a 50% equity stake in the 50MW Sandridge battery storage project, with Insight Solar Fund scooping up the various other 50%, marking the latter's initial foray right into battery storage space.

It came after Foresight got JLEN's advising required in June 2019, handling JLEN's portfolio of 28 functional properties situated in the UK and Europe.

Complying with the fundraise, JLEN is currently to provide an overall of 54,672,002 New Ordinary Shares at the positioning rate, which has been evaluated 104 pence per New Ordinary Share. Once the shares have actually been confessed to the London Stock Exchange's major market for provided protections, the company's released share resources will contain 601,392,027 Ordinary Show ballot civil liberties.