Bluefield Solar Income Fund (BSIF) has issued 150 million shares in order to raise gross proceeds of around £150 million.

The fund said that it will use the net proceeds from the issue to pay for an existing 32MW of capacity and to finance the acquisition of a further 105MW of UK capacity.

The 32MW of capacity represents three projects which the fund has previously committed to acquire from developers juwi and Solarcentury. However, the fund is targeting a further 105MW of 1.4ROC projects before solar farms over 5MW are ineligible for support under the RO in April 2015.

The proposed investment pipeline represents five UK projects by developers, Trina, Wircon, Solarcentury and Parabel AG. The projects range in size from 50MW to a 5MW extension.

The issue opened on Monday 3 November and is expected to close by 12:00 on 13 November 2014.