29 Aug 2019
Legal & General invests £57m in UK solar portfolios
Legal & General announces that it has provided £57.5 million of long-term debt financing to support Hermes Infrastructure in their recapitalisation of two solar photovoltaic (“solar PV”) portfolios in England and Wales.
Demonstrating Legal & General’s commitment to providing clean energy to the UK, the residential solar PV systems have a combined installed capacity of around 34.52MWp. The majority of the systems are placed on private residences, with c.10% of the portfolio located on social housing rooftops. The portfolio benefits from Feed-in-Tariffs providing a high level of cash flow visibility until maturity in 2033 and 2036. This transaction follows a number of significant investments over the past 24 months, with three in UK offshore wind including; Walney, Hornsea and Dudgeon, and a substantial solar PV debt transaction. The renewables sector continues to be a significant focus for Legal & General, and this investment further enhances its existing renewables portfolio.
Read the full press release via the link below
This is another great investment for us in the renewables sector. Renewable energy now accounts for a third of global power capacity, with wind and solar totalling 84% of new renewable generation capacity in 2018.
Tom Sumpster, Head of Infrastructure Finance, LGIM Real Assets