28th Nov 2018 11:24
LONDON (Alliance News) - Foresight Solar Fund Ltd on Wednesday said it has completed the acquisition of a portfolio of 11 operational solar assets in the UK for GBP33.1 million.
The investment company said it intends to fund the acquisition using the proceeds from the fundraising completed in October. Back then, the company raised GBP58 million in an oversubscribed placing.
The remaining proceeds following completion of the acquisition will be used to reduce the company's gearing, it said, by repaying some of the existing bank facilities.
The completion of this transaction brings Foresight Solar's total installed capacity to 869 megawatts across 54 solar assets.
"We are pleased to complete this acquisition, rounding off what has been a busy year both for Foresight Solar and for the UK renewables market as a whole," said Chairman Alex Ohlsson.
"This acquisition further strengthens our position as the largest UK-listed dedicated solar energy investment company by installed capacity and enhances the diversification of our asset portfolio and ability to drive economies of scale," added Ohlsson.
Foresight Solar shares were trading 0.2% lower on Wednesday at 110.80 pence each.
Related Shares:
Foresight Solar Fund