A solar energy fund, the Foresight Solar Fund, managed by UK-based renewable energy investment firm, Foresight Group, is due to list on the JSE in early April. Some 250 million shares will be a private placement to institutions, with a minimum investment of R1 million.
Through both this listing and a rights offer and private placement of shares in the UK, the Fund is hoping to raise £50 million. It intends to raise a further £200 million during the course of the year through other means.
The JSE listing will be the Fund's secondary listing. As of 1 March 2017, the Fund had a market capitalisation on the LSE of some £369.93 million (R5 918 million).
According to the company, a JSE listing is attractive because of South Africa's advancements in renewable energy, largely due to the Renewable Energy Independent Power Producer Procurement (REIPPP) Programme. Ricardo Piñeiro (pictured), the company's head of UK solar, has said that the fund can invest up to 25% of its gross asset value outside the UK.
