Foresight Solar Fund raises GBP60.1 million in IPO
British photovoltaic investor Foresight Solar Fund has raised £60.1 million in an initial placing and offer on the London Stock Exchange.
A total of 58,000,000 new shares will be issued and the funds will be used to complete the acquisition of the 37MW Bournemouth and 37MW Kencot projects.
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.
In addition to the new capital Foresight Solar Fund will also draw down £40m from its acquisition debt facility to complete the deals.
Foresight chairman Alexander Ohlsson said:
"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."
Foresight Solar Fund is managed by an experienced team from Foresight Group, the independent infrastructure and private equity investment management firm, and overseen by a strong and experienced, majority-independent board.
Country news
-
-
October 20, 2014
REG announces FC for Whitemoor Bio-Power project
Renewable Energy Generation Limited (REG) has signed a term loan facility agreement with Caterpillar Financial Services for the financing of its 18 MW Bio-Power plant at Whitemoor Business Park, near Selby in Yorkshire (UK). Read more -
October 21, 2014
M&G Investments to fund Swansea tidal energy project
Prudential has been named as the cornerstone investor in the £1 billion (US$1.6 billion) Swansea tidal lagoon power station project in the UK. Read more -
October 22, 2014
Hunton & Williams expands Global Energy Practice, adds Partner Andrew Thomas in London
Richmond-based law firm Hunton & Williams announced last week the expansion of its global energy and infrastructure practice with the addition of project finance partner Andrew Thomas in London. Read more -
October 22, 2014
Contractor hired for Dudgeon offshore wind project
A2SEA will play a key role in helping build the 402 MW Dudgeon Offshore Wind Farm project in the UK . Read more -
October 24, 2014
Lightsource Renewable Energy secures refinancing for solar PV projects
Lightsource Renewable Energy Limited has closed £28.4 million (US$45.5 million) refinancing of a portfolio comprising three UK solar parks totalling a cumulative installed capacity of 34 MW with funding from The Royal Bank of Scotland. Read more
