Foresight plans to raise 200m in IPO to acquire solar assets
The Foresight investment group plans to float its solar fund on the main market of the London Stock Exchange to raise up to £200 million. The firm plans to buy some of the UK's biggest solar power plants that it has already identified.
The listing is expected as soon as October. Retail and institutional investors will be welcome to invest in the fund.
Guaranteed revenues and falling cost of solar equipment have made solar power increasingly popular in the UK. Additionally, companies are rushing to install solar projects before a scheduled cut in subsidies next March.
UK clean energy investment firms have been very active raising money lately. In late July, the Renewables Infrastructure Group Limited (TRIG), a newly incorporated Guernsey investment company focusing on onshore wind and solar photovoltaic (PV) energy generation assets, raised £300 million in its initial public offering (IPO).
The £130 million Bluefield Solar Income Fund started trading also in July on the London Stock Exchange following an initial public offering (IPO) which raised comfortably more than the £75 million minimum target. Greencoat UK Wind raised £260m in an oversubscribed float in March. Greencoat owns stakes in onshore and offshore wind developments.
Foresight is being advised by RBC Capital Markets on the deal and Winterflood has been appointed to handle the retail offering.Country news
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