US Solar Fund trust raises $132m in oversubscribed share issue

Initially sought $105m fundraise

The US Solar Fund (USF) investment trust's first share issuance following its IPO in 2019 has been oversubscribed, according to its board, who have now increased the size of its initial issue to $132m.

This comes following an announcement on 13 April that it would look to raise $105m via a 12-month placing programme, through which it would offer new ordinary shares to investors. Following the increase in size of its initial issue, the trust will allocate a further $7.5m to refinancing Heelstone - a portfolio of 22 utility-scale power projects in the US that it purchased last year - and a further $8m to repay existing drawings under USF's revolving credit facility. The remaining surplus will be retained for purchasing any future investments that fall under the trust's investment poli...