21st Nov 2016 10:33
LONDON (Alliance News) - NextEnergy Solar Fund Ltd on Monday said it has raised GBP115.3 million, more than originally targeted, in the first tranche of its placing programme.
The solar power project investor said it has issued a total of 110.3 million shares at 104.50 pence per share, more than the 100.0 million it had previously planned. Shares in the fund were up 0.9% to 105.19p on Monday.
It raised a total of GBP115.3 million, increased from the initial GBP104.5 million target after strong investor demand meant the issue was oversubscribed.
Announcing the plans earlier this month, NextEnergy said it had entered into a letter of intent for a project pipeline with an investment value of GBP175.0 million and is holding talks regarding a further pipeline of acquisition opportunities worth around GBP405.0 million.
The funds will back these acquisitions and other investment opportunities for the fund.
By Sam Unsted; [email protected]; @SamUAtAlliance
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