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Solar investment fund Foresight will issue its second placing of new shares today in order to take advantage of the anticipated explosion in solar build out this quarter.
The government’s Renewables Obligation (RO) subsidy regime for new solar projects larger than 5MW will close at the end of the month, and Foresight said it expects the UK’s installed capacity to balloon to 7GW by the end of the quarter.
The fund already owns ten assets with a combined capacity of 231MW. The acquisition of its tenth project, its Kencot asset, will complete by the end of the month before the existing subsidy of 1.4RO certificates/MWh expires.
Once this subsidy band closes Foresight said it will continue to look at projects below 5MW which still qualify for 1.3ROCs/MWh and those projects to be supported by the government’s incoming Contracts for Difference support scheme.
The share placing follows its £60 million first round in October last year, will be priced at net asset value with a premium of 1.75 per cent to cover costs.
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