Foresight Solar Fund publishes prospectus for IPO
Foresight Solar Fund Limited announced several days ago the publication of the prospectus dated 20 September 2013 in relation to an initial public offering (IPO) by way of a placing and offer for subscription of up to 200 million ordinary shares with a total value of £200 million.
Foresight Solar Fund intends to invest the net proceeds of the issue in an identified portfolio of UK ground based solar power plants.
The IPO is being structured as a placing primarily targeted at institutional investors and an offer for subscription available to individual investors in the UK.
RBC Capital Markets has been appointed as sole Global Co-ordinator, Sponsor and Bookrunner to the Company. Winterflood Securities Limited has been appointed as the Co-Lead Manager.
Commenting on the announcement, Jamie Richards, Partner of Foresight Group, said:
"On Admission, the Foresight Solar Fund is expected to be the largest solar-focused UK listed fund, and, with binding commitments in place to acquire a portfolio of operating assets, presents investors with an infrastructure risk profile and the more predictable returns that UK solar offers over wind. A Government support regime which provides a stable 20 year revenue stream rising in line with RPI and the increasing availability of utility scale solar assets makes it the right time to launch the Company now.
The UK solar sector is predicted to continue to grow in the coming years providing opportunities for further growth for the company. Having issued the largest UK Solar Bond to date earlier this year and with approximately £450 million of solar assets under management, Foresight Group has proven expertise in solar investment and is well positioned to deliver on investor interest in this space."
The latest date for receipt of placing commitments is Wednesday 23 October 2013. The announcement of the results of the Issue will be on Thursday 24 October 2013 and a potential listing on Tuesday 29 October 2013.
There is an option to extend the issue by an additional 50 million ordinary shares (£50 million).
Source: ForesightCountry news
-
-
September 27, 2013
First state investments raise additional 600 million for its European fund
Several sources have confirmed that First State Investments has raised €600 million in equity in a second wave of fundraising for its European Diversified Infrastructure Fund. The fund had already announced in 2011 that it had raised more than €600 million. Read more -
October 01, 2013
John Laing signs Cambridge Biomedical Campus project
Cambridge University Hospitals and John Laing have signed contracts to deliver the Forum project on the Cambridge Biomedical Campus. Read more -
October 01, 2013
KPMG appoints Global Services' Infrastructure Hub Leader
KPMG several days ago announced that John Kjorstad, current Editor of Infrastructure Journal (IJ) will join its Global Infrastructure practice as an Associate Director in January 2014. Read more -
October 02, 2013
Equitix raises 500 million for its third infrastructure fund
Equitix have announced that their fundraising for Equitix Fund III, has hit the hard cap of £500 million, 3 months after its £350 million First Close. Read more -
October 02, 2013
Greencoat UK wind acquires two wind farms for 70 million
The Board of Greencoat UK Wind PLC (UKW) has announced the agreement to acquire the whole of Cotton Farm and Earl's Hall Farm Wind Farms from BayWa r.e. renewable energy GmbH (BayWa r.e.), a subsidiary of the BayWa Group (the German listed agriculture, building materials and energy group) for a total consideration of £70.0 million including prepayment of existing indebtedness and including £6.4 million of cash. The acquisition, which is expected to complete on October 2nd 2013, will be funded through reinvestment of UKW's cash resources and acquisition debt facility. Read more
