April 11 (Renewables Now) - Newly founded investor US Solar Fund Plc (USF) informed Thursday it had successfully closed the initial public offering (IPO) of 200 million ordinary shares at USD 1 per share, raising proceeds of USD 200 million (EUR 177.3m).
The fund has filed for admission of the shares at the London Stock Exchange and dealings are expected to begin on April 16.
"We are delighted by the success of our fund raise, the first premium listed investment company IPO of 2019, which has been achieved at a time of considerable political and economic uncertainty," said Gill Nott, Chair of the solar infrastructure fund.
USF can soon expect to make hay on the North American solar market and in other OECD countries in the Americas where it intends to invest in an identified pipeline of potential assets. Initial proceeds are expected to go towards a pipeline comprising over 60 projects located across 13 US states, according to the fund’s sponsor and bookrunner Fidante Capital. The portfolio is valued at USD 4.8 billion. USF is aiming for an annual dividend of 5.5% once all assets become fully operational.
The fund is managed by New Energy Solar, which currently runs a similar Australia-based fund, New Energy Solar Ltd (ASX:NEW).
(USD 1.0 = EUR 0.89)