Foresight Solar Fund raises £38.7 million

Foresight Solar Fund Limited has raised £38.7 million (US$60.2 million) through placement of new shares to be issued on the London Stock Exchange.

A total of roughly 37.7 million new shares will be issued at a price of £1.027 (US$1.60) pending admission to the market.

As we reported in May, the listed fund announced its intention to issue new stock following a placing programme which raised £36.1 million (US$56.1 million) in March 2015.

Foresight Solar Fund Limited has secured exclusivity over a pipeline of assets totaling more than 100 MW, including a 51 MW operational portfolio which was connected to the grid in Q1 of 2015 and thus qualifies for the 1.4 Renewable Obligation Certificate (ROC) rate.

The proceeds from this fundraising will therefore be used towards repaying the existing acquisition facility and enabling the company to take advantage of this exclusive pipeline of assets.

Foresight Solar Fund Limited raised proceeds of approximately £150 million (US$233 million) through its initial public offering in October 2013. A year later, the fund announced an additional £200 million (US$311 million) placing programme that will be open until September 2015.