Ashurst advised Stifel Nicolaus and J.P. Morgan Cazenove as joint bookrunners on the £36.1 million placing by Foresight Solar Fund Limited (FSFL), a closed-end investment company which invests in operating ground based UK solar power assets.

FSFL, which is part of the London-based asset management company Foresight Group, issued 36,132,418 new ordinary shares at a price of 103 pence per share, raising gross proceeds of £36.1 million. The proceeds will be used to repay the existing acquisition facility and to take advantage of additional investment opportunities identified in the UK market.

The Ashurst team was led by corporate partner Nicholas Holmes, assisted by senior associate Karin Kirschner and counsel Caroline Chambers. Partner Nicholas Gardner and associate Preena Gandhi advised on the tax matters of the transaction.