October 5 (Solar) – Foresight Solar Fund Ltd (LON:FSFL) on Thursday launched a share placing, seeking to raise more than GBP 34 million (USD 44.3m/EUR 38.6m).
It will use the proceeds to fund the acquisition of 11 operating solar assets in the UK with a combined capacity of 80.9 MW from funds managed by Foresight Group LLP. The equity interest of the assets is to be acquired for some GBP 34 million.
The solar investment company will proceed with the acquisition of nine of the 10 assets in a 72-MW portfolio that it said in September it had secured exclusivity over and two of the three assets totalling 20 MW it said in August it had retained exclusivity over. In the former case, it will acquire 65.7 MW of assets, and in the latter 15.2 MW. This will bring the company's solar portfolio to 869 MW of installed capacity.
The issue comes after Foresight Solar Fund's shareholders authorised the issue of up to slightly less than 54 million ordinary shares on a non pre-emptive basis.
The issue price will be GBP 1.075 per share, a premium of 1.6% to the net asset value (NAV) as at August 31 and a discount of 4% to the closing share price prior to the announcement about the planned issue on September 4. The company's unaudited NAV as at August 31 was GBP 523.4 million, or GBP 1.058 per share.
The placing is due to close on October 17.
(GBP 1 = USD 1.303/EUR 1.134)