Foresight Solar Fund Limited plans to raise in excess of £50m through an initial placing and offer for subscription and a secondary listing on the main board of the securities exchange operated by JSE and private placement or new ordinary shares in South Africa.
The board said it also intends to implement a placing programme in relation to up to 250 million new shares less any issued under the initial issues.
The company said the board believed that the UK solar market remained attractive, particularly given the recent recovery in wholesale power prices, while the success of the South African renewable energy programme had created a sophisticated understanding and appreciation of solar and other renewable energy assets in that country and interest in the company.
But it said that South African investors’ ability to invest and hold shares outside of South Africa was restricted in terms of size due to South African exchange control regulations.
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