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.
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.