October 18 (Renewables Now) - Foresight Solar Fund Ltd (LON:FSFL) said today it has raised GBP 58 million (USD 76m/EUR 66m) gross in a significantly oversubscribed share placing.
Investor demand surpassed both the targeted offering volume and the maximum number of shares the fund was allowed to issue. It has thus accepted applications for almost 54 million shares. These are to start trading on the London Stock Exchange on October 22, ranking pari passu with existing stock.
As previously announced, Foresight Solar aimed to raise GBP 34 million, which it needed for the acquisition of 11 operating solar assets in the UK with a combined capacity of 80.9 MW from funds managed by Foresight Group LLP. This purchase will bring the company's solar portfolio to 869 MW of installed capacity.
“This acquisition will substantiate the Company's position as the largest UK-listed dedicated solar energy investment company by installed capacity and further enhance portfolio diversification,” said chairman Alexander Ohlsson.
Foresight said today the extra proceeds will be used to reduce its gearing by repaying debt.
(GBP 1 = USD 1.31/EUR 1.14)