Foresight Solar Fund raises GBP60.1 million in IPO

British photovoltaic investor Foresight Solar Fund has raised £60.1 million in an initial placing and offer on the London Stock Exchange.

A total of 58,000,000 new shares will be issued and the funds will be used to complete the acquisition of the 37MW Bournemouth and 37MW Kencot projects.

Foresight said it will have 208.0 million shares in issue upon admission to trading, expected to be on Oct 22, giving the fund a market capitalisation of GBP214.2 million.

In addition to the new capital Foresight Solar Fund will also draw down £40m from its acquisition debt facility to complete the deals.

Foresight chairman Alexander Ohlsson said:

"We are pleased with the support for the company demonstrated by the results of the initial placing and offer, particularly in the light of current volatile equity market conditions. The proceeds, together with existing debt facilities, will be used for the completion of the acquisition of the two assets at Bournemouth and Kencot which the group has already contracted to acquire."

Foresight Solar Fund is managed by an experienced team from Foresight Group, the independent infrastructure and private equity investment management firm, and overseen by a strong and experienced, majority-independent board.