Foresight Solar Fund raising capital for further solar investment

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Although the utility-scale solar market in the U.K. is experiencing a pitiful lull – just 16 MW of solar installed across the whole country in July – after the ripping away of government support earlier in the year, some investment firms are still sniffing out solar investment opportunities. Jersey-headquartered Foresight Solar Fund focuses on U.K. operating ground-mounted solar asset investments and has identified a 200 MW solar pipeline it would like to invest in.

To make the investment, the firm has placed 28.2 million shares up for grabs. Each valued at 102.5 pence, the company hopes to raise GBP 28.9 million (USD38.5 million) to invest in the pipeline, as well as in other investment opportunities. “The Company’s Investment Manager has identified an attractive 200 MW pipeline of assets which will support the growth of the Company over the next 12 months,” read the press release.

With the company predominantly looking for U.K. ground-mounted solar PV investment opportunities, it currently has a combined asset portfolio of 338 MW, which are operational and covered under the U.K. government’s now-deceased Renewable Obligation Certificate (ROC) program. With the end of the ROC scheme in March, solar installations have all but vanished within the country, which now needs some serious policy changes to revitalize its deflated solar industry.