Solar system. Author: sasha sakharov. License: Creative Commons.
Foresight Solar Fund Ltd (LON:FSFL) has raised GBP 38.7 million (USD 60m/EUR 53.7m) of gross proceeds through its share placing announced in May.
The fund, which invests in UK solar power plants, said on Friday it will issue approximately 37.7 million shares at a price of GBP 1.027.
This is the third fundraising under FSFL's GBP-200-million placing programme. The fund said last month it would use the proceeds towards repaying its acquisition facility and taking advantage of its exclusive pipeline of assets. It also said then it had secured exclusivity over a pipeline of more than 100 MW of assets, including a 51-MW operational portfolio which was completed in the first quarter of 2015 and qualifies for 1.4 Renewable Obligation Certificates (ROCs) per MWh. Acquiring the whole exclusive pipeline would boost the fund's capacity by about 50%.