6th Aug 2018 11:24
LONDON (Alliance News) - Foresight Solar Fund Ltd on Monday said it completed the purchase of 15 UK solar assets, with a total installed capacity of 114 megawatts, for GBP47 million.
The investment company said it intends to fund the acquisition by the proceeds raised through oversubscribed share placing. In July, the company raised GBP48.1 million via issuing up to 45.0 million shares at 107 pence per share.
The stock was trading 0.5% lower on Monday at 111.50 pence each.
At the time, the company said it intends to purchase 18 operational solar assets in the UK for a consideration of GBP55.0 million. Foresight Solar said the remaining three assets remain under exclusivity and will be subject to further due diligence before the assets can be acquired.
Following the acquisition, the company's total installed capacity totals 788 megawatts across 43 solar assets.
"This is both a strategic and a significant acquisition for the company, which sees us become the largest UK-listed dedicated solar energy investment company by installed capacity," said Chairman Alex Ohlsson.
Related Shares:
Foresight Solar Fund