U.S. Solar Fund (USF), a London-listed investment company focused on the U.S. solar market, has raised $132 million in its first fundraising since its IPO in 2019.
The fundraise was backed by new and existing investors and was oversubscribed, allowing USF’s board to expand the size of the issue from the $105 million of gross proceeds announced in April to $132 million, according to QuotedData.
USF plans to use $8 million of the funds to repay existing drawings under the company’s revolving credit facility, allocate an additional $7.5 million to the Heelstone refinancing, and retain the balance for working capital and subsequent investments. In March 2020, USF acquired a 177-megawatt portfolio of 22 operating utility-scale solar power projects from an affiliate of Heelstone Renewable Energy.
“We’re delighted with this strong backing from individual and institutional investors for our first fundraise following U.S. Solar Fund’s IPO two years ago