Foresight Solar Fund has raised £58m through a share placing to fund the purchase of a portfolio of operational photovoltaic assets in the UK with an installed capacity of almost 81MW.
The share placing had expected to raise £34m to acquire the 11 projects, but was oversubscribed. The company accepted applications in respect of 53,994,250 new shares, equivalent to approximately £58m of gross proceeds.
The additional money raised will be used to reduce the group’s “gearing by repaying some of the company’s existing bank facilities that have been drawn down”.
New shares will commence trading on 22 October on the London Stock Exchange. When issued, the New Shares will be rank at the same rate as the existing shares.
Together with the prior acquisition of UK operational solar assets in August, the company expects that its portfolio will total of 869MW of installed capacity across 54 projects.