Foresight to back 74-MW solar buy with GBP-100m injection
Sep 26, 2014 - UK investor Foresight Solar Fund Ltd (LON:FSFL) said yesterday it plans to raise GBP 100 million (USD 163m/EUR 128m) gross in a share offering so it could fund the purchase of 74 MW of local solar parks.
The target photovoltaic (PV) assets are the 37-MW Bournemouth park in Dorset and the 37-MW Kencot solar plant in Oxfordshire. Both facilities are already feeding electricity to the power grid.
Foresight will place up to 100 million new shares as part of the proposed share sale, which will allow the fund to take advantage of “prevailing market conditions” and investment opportunities. Results of the placing will be announced on October 17. Additionally, the firm will offer up to 200 million of newly-issued shares under a placing programme, seeking to obtain funds for further acquisitions by September 24, 2015.
Since its GBP-150-million initial public offering (IPO) in October 2013, Foresight has agreed the acquisitions of nine PV projects with an enterprise value of nearly GBP 239 million.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.