Solar acquisition fund Foresight Solar has proposed the placing of yet more ordinary shares as it looks to raise additional capital and pursue further acquisitions.

In a statement issued this morning, Foresight confirmed its intention to place more ordinary shares under the placing programme it announced in September last year with sales to start on 1 June.

Proceeds from the placing are to be used to repay Foresight’s existing acquisition facility, which the company said would enable it to “take advantage” of a pipeline of assets it has negotiated exclusivity over.

The placing price is to be based on an update net asset value (NAV) per ordinary share plus a premium to cover the costs of the placing, and potential investors will have until midday on 11 June to acquire shares.

New shares purchased will carry the entitlement to the firm’s Q1 dividend – valued at £1.52 per share – which is to on 30 June 2015, and the results of the placing are to be announced on 12 June.

Foresight’s placing in September 2014 was launched in order to raise some £100 million of investment capital in order to power an acquisition drive that saw the fund take on two 37MW sites in Bournemouth and Kencot, Oxfordshire.

Since then the fund raised an additional £36.1 million in March and Foresight has secured exclusivity over a number of assets with a total capacity in excess of 100MW, more than half of which (51MW) is operational and was connected to the national grid prior to April’s 1.4ROC cut-off point.

In an investment update, Foresight said the successful acquisition of the entire exclusive pipeline would boost the firm’s capacity by around 50%.

The company’s share price has remained largely static in early morning trading at 103.5p.