July 4 (Renewables Now) - Foresight Solar Fund Ltd (LON:FSFL) said today it has raised GBP 48.1 million (USD 63.5m/EUR 54.5m) gross from a recent share placement aimed at funding the acquisition of a 134.2-MW solar portfolio.
The target portfolio includes 18 operational solar plants in the UK and will be acquired from funds managed by Foresight Group LLP for around GBP 55 million. As previously announced, Foresight Solar Fund has secured exclusivity over the portfolio and expects to complete the acquisition by the end of this month. .
The solar parks have been in operation for at least two years and get between 1.6 and 1.3 Renewable Obligation Certificates (ROCs) per MWh. They come with related debt facilities worth GBP 125.2 million expiring in September 2019.
The placement for up to 44.99 million new ordinary shares, launched in June, was “significantly oversubscribed,” Foresight Solar Fund said. BlackRock Inc (NYSE:BLK), which is one of the solar-focused fund’s shareholders, has purchased 22 million shares on behalf of its clients for a total of GBP 23.5 million.
Foresight Solar Fund expects the newly-issued stock to start trading on the London bourse’s main market on July 6.
(GBP 1.0 = USD 1.319/EUR 1.132)