Markets & Policy

Foresight Solar Fund looks to raise more than GBP 50 million in new investments

The UK based investment group has announced its intention to raise further investments worth more than GBP 50 million (US$ 61.2 million), with the aim of acquiring up to 250 MW of solar power plants in the UK, as well as expanding into South Africa.
Mark Hutchins
By
Mark Hutchins
Shotwick
Foresight Solar Fund acquired the 72 MW Shotwick Solar Farm in early 2017. | Image: UPM Paper

Foresight will raise the funds through an initial placing and offer for subscription, a placing program for up to 250 million new shares and a secondary listing on the Johannesburg Stock Exchange (JSE).

The move will increase South African investors ability to hold shares in the fund, as shares will be classified as domestic investment on the JSE, and so avoid South African exchange control regulations.

The fund saw impressive growth in 2016, posting total revenue of GBP 34.2 million (US$ 42.7 million) in its full year financials. Foresight also acquired a 50 MW installation in southern England last month, and made its first move into the Australian market as well.

The recent drop in the value of the pound, and recovering prices for power in the UK makes it an attractive market for solar investors at the moment. In a press release, Foresight stated that it is currently evaluating a pipeline of 250 MW in already operational solar plants in the country.

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Comments

Foresight Solar Fund to pursue international strategy – Tamrons Active International Limited
Aug 19, 2017

[…] The company said it was able to take advantage of strong market demand, and raise an additional GBP 78.5 million in equity capital during the first half of the year, exceeding its target of GBP 50 million. […]

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