18th Jun 2018 13:56
LONDON (Alliance News) - Foresight Solar Fund Ltd said on Monday it intends to raise GBP40 million through a placing of up to 45.0 million shares at a price of 107 pence per share.
Shares in the renewable energy-focused investment company were down 1.8% at 109.00p on Monday.
Foresight said its net asset value on May 18 was 104.9p, down from 106.0p on March 31.
Proceeds of the placing will go towards either funding the acquisition of a portfolio of 18 solar assets in the UK with a total installed capacity of 134.2 megawatts for GBP55.0 million, or towards repaying outstanding debt, the company said.
The acquisition is expected to take place in July. Once completed, Foresight will have a total installed capacity of 808 megawatts across 46 solar assets.
Stifel Nicolaus Europe Ltd is acting as financial adviser and sole bookrunner to the company for the placing.
Related Shares:
Foresight Solar Fund