Foresight plans to raise £200m in London listing of solar fund

ALTERNATIVE asset manager Foresight plans to float its solar fund on the main market of the London Stock Exchange in a bid to raise up to £200m.

It is hoping to launch the float later this month with a listing expected as soon as October.

Retail investors, as well as non-specialist institutions, will be able to invest in the fund, which is the latest in a string of floats in the renewable energy sector this year.

The fund, which invests in solar power plants, has already identified the solar farms it wants to buy if it is successful in raising the £200m.

Recent history suggests it will be, with the planned listing coming hot on the heels of the successful listing of the Renewables Infrastructure Group which raised £300m in a share sale in London in July. It plans to invest in onshore wind farms and solar parks.

Its floatation became the UK’s biggest solar energy IPO this year, surpassing the listing of Greencoat UK Wind which 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, while Winterflood has been appointed to handle the retail offering.