17th Oct 2014 11:44
LONDON (Alliance News) - Foresight Solar Fund Ltd Friday said it has raised GBP60.1 million in gross proceeds via an initial placing and offer for subscription on the London Stock Exchange's Main Market.
In a statement, the UK-based closed-ended investment company said it will issue a total of 58 million new shares, of which 56.1 million were placed and 1.9 million offered for subscription, meaning the shares were priced about 103 pence per share.
Foresight said it will have 208.0 million shares in issue upon admission to trading, expected to be on Oct 22, giving the fund a market capitalisation of GBP214.2 million.
The new Foresight fund's investment objective is to acquire a portfolio of ground-based, operational solar power plants predominantly in the UK. It is managed by a team from Foresight Group, an infrastructure and private equity investment management firm.
"We are pleased with the support for the company demonstrated by the results of the initial placing and offer, particularly in the light of current volatile equity market conditions. The proceeds, together with existing debt facilities, will be used for the completion of the acquisition of the two assets at Bournemouth and Kencot which the group has already contracted to acquire," said Chairman Alexander Ohlsson in a statement.
Oriel Securities Ltd acted as sponsor and bookrunner.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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Foresight Solar Fund