Jersey-based energy infrastructure investment firm Foresight Solar Fund has raised 58 million pounds ($75.8 million) through a share placing to fund the purchase of a portfolio of operational photovoltaic assets in the UK with an installed capacity of almost 81 megawatts.
The share placing had expected to raise $44.4 million to acquire the 11 projects but was oversubscribed. Foresight accepted applications in respect of 53.9 million new shares, equivalent to approximately $75.8 million of gross proceeds.
The additional money raised will be used to reduce Foresight’s gearing by repaying some of its existing bank facilities that have been drawn down.
New shares will commence trading on 22 October on the London Stock Exchange. When issued, the new shares will be rank at the same rate as the existing shares.