Foresight Solar Fund has announced a fresh placing programme in a bid to raise £75 million to pursue new solar investment in Australia as well as further opportunities in the UK.
The placing, announced earlier this week, has been launched with the intent to raise the gross proceeds with shares to be made available at a price of 108 pence per ordinary share.
The net proceeds from the placing will firstly be used to pay down debt accrued from recent transactions – namely the 50MW Sandridge Solar Farm and 5MW Wally Corner Solar Farm it purchased in February and July this year respectively – but secondly to pursue “further attractive investment opportunities” in both the UK and overseas.
Foresight’s interest in the UK solar market is well founded with the fund one of the largest holders of UK solar assets. Its UK portfolio currently spans 18 operational assets with a combined generation capacity of circa 475MW.
The fund has since looked to take advantage of opportunities in battery storage, acquiring two of the projects successful in last year’s Enhanced Frequency Response tender to cement its status as one of the early movers in energy storage.
However the firm’s Australian interests are more recent. Foresight made its maiden Australian investments late last month and this week said it would continue to show interest down under due to its ideal opportunity to diversify its portfolio.
Foresight particularly paid testament to the “strong regulatory support” shown to solar in Australia as well as the near doubled irradiation solar projects in the country enjoy in comparison to UK-based solar assets, receiving around 2,000kWh/m2.