Bluefield Solar Income Fund has raised about £60.6m through a share sale to help fund new photovoltaic plants in Britain.
The UK investor has issued 60m shares at a price of 101p each, which represent about 19% of its stock value prior to the sale.
They are expected to start trading in the London Stock Exchange on 24 October, the fund said.
The net proceeds will help fund a pipeline of potential PV assets totalling 68MW ahead of the end of the 1.2 Renewable Obligation Scheme on 31 March 2017, among other things.
“With the final closure of the RO scheme set for March 2017, this new capital will enable us to seek further assets in the remaining five months and, if successful, benefit from their attractive yields,” BSIF chairman John Rennocks said.
“As we have stated, these new ordinary shares will not be dilutive to the already announced dividend attributable to existing ordinary shareholders.”
Image: MorgueFile
Bluefield plots £60m UK PV push
Solar outfit raises share sale cash to fund 68MW drive by March 2017
By EBS