Foresight Solar Fund raises GBP 31.9m for investments
Solar system. Author: Mike Weber. License: Creative Commons, Attribution 2.0 Generic
Foresight Solar Fund Ltd (LON:FSFL) today said it has raised GBP 31.9 million (USD 38.9m/EUR 35.7m) of gross proceeds in an oversubscribed tap issuance.
The company, which invests in UK solar assets, will issue almost 31 million shares at GBP 1.03 each. It announced the tap issuance, representing 9.99% of its issued share capital, on October 19.
"Having secured exclusivity over an 82MW operational portfolio, the Company expects to deploy the additional funds raised shortly, thereby avoiding the impact of cash drag on investors," said chairman Alex Ohlsson. According to a previous announcement, these facilities receive 1.4 or 1.3 Renewables Obligation Certificates (ROCs) per MWh generated.
Foresight Solar Fund currently has a portfolio of 16 assets with a combined capacity of 338 MW.