Bluefield Solar Income Fund (BSIF) is to add over £30 million to its investment pot after announcing the issue of 31 million new ordinary shares.

The asset management firm is set to issue after commitments for 30,098,639 new ordinary shares were received under initial placing and a total of 901,361 new ordinary shares were subscribed for under the offer for subscription. The new shares will be issued at a price of 102p per share, which will raise gross proceeds of around £31.62 million for the investment company.

It is expected that the new ordinary shares will be admitted to the premium segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange at 8am tomorrow (4 December).

The new ordinary shares represent approximately 11.13% of the issued ordinary share of BSIF before the issue and following admission, the company will have 309,417,224 on issue.

The announcement follows BSIF’s efforts to raise funds for a pipeline of solar projects worth £270 million. The firm stated on 26 October that it planned to issue up to 250 million new shares through an initial placing and subsequent placing programme.